The bank opened its branch in Hungary in April of this year.Continue reading
Márton Nagy, Minister of Economic Development, has signed a cooperation agreement with ICBC, the world’s largest bank, the Ministry of Economic Development announced on Wednesday. ICBC (Industrial and Commercial Bank of China) holds the largest balance sheet in the world and is the most capital-rich financial institution in China.
According to the statement, Viktor Orbán held a meeting with Chen Siqing, President of ICBC, as part of his visit to China. The Hungarian Prime Minister discussed high-level cooperation on the Belt and Road initiative with the Chairman of the Board of Directors. He outlined the growth of the Hungarian economy and the government’s plans to support industries with competitive advantages and Chinese companies investing in Hungary. Furthermore, he also encouraged more Chinese companies to invest in Hungary, and expressed his expectation for ICBC’s cooperation in the Belt and Road initiative.
Prime Minister Viktor Orbán (R4) holds talks with leaders of ICBC in Beijing. In front of Viktor Orbán is ICBC Chairman Chen Siqing (L4). Next to the Hungarian Prime Minister are Foreign Minister Péter Szijjártó (R5), Energy Minister Csaba Lantos (R6), Balázs Orbán, the Prime Minister’s Political Director (R7), and Economic Development Minister Márton Nagy (R2). Photo: MTI/Miniszterelnöki Sajtóiroda/Fischer Zoltán
Following the meeting, Minister of Economic Development Márton Nagy signed a cooperation agreement with ICBC CEO Liao Lin. The memorandum aims to further develop Hungarian-Chinese financial relations, strengthen trade relations between the two countries, and promote business cooperation in the fields of investment, financing and payments, including FinTech innovations and the application of artificial intelligence.
In the cooperation agreement, the parties will place particular emphasis on opportunities for financing infrastructure and green projects, as well as on the establishment of a full supply chain for Chinese companies in Hungary.
Nagy stressed on the occasion of the signing that Hungary not only wants to become an economic meeting point for Western and Eastern capital and high-tech, but also a regional financial center.
The agreement confirms that both parties are working towards ICBC opening a branch in Hungary,
they added in the statement.
ICBC is the world’s largest bank, providing comprehensive financial products and services to a total of 11 million corporate and 729 million retail customers worldwide.
Via MTI, Featured image: MTI/Miniszterelnöki Sajtóiroda/Fischer Zoltán