The Industrial and Commercial Bank of China, the world's largest commercial bank by market value, opened its first branch in the United States on Wednesday despite the ongoing financial turmoil.

"The growing economic, trade and investment relations between China and the US have laid a foundation for the development of the financial sector, and generated new demands for banking services," said Jiang Jianqing, chairman of ICBC at the opening ceremony.

Although the current financial crisis is far from over, Jiang believes that under the concerted efforts of the governments around the world, the US economy will be able to ride out the storm, restore prosperity, and that global financial industries will definitely and eventually embrace recovery and prosperity.

The launch of ICBC New York branch was an expression of the confidence in the long-term prospects for US economy, he added.

"Despite the ongoing turmoil in the financial markets, New York City continues to be where the world's brightest talent and leading companies, including top global financial institutions, want to be, and the Industrial and Commercial Bank of China's decision to establish its US presence with a location in New York is the latest example of that," said Mayor Michael Bloomberg. "ICBC is banking on New York City's long-term success, and for good reason."

As a platform for ICBC's business in the US, the branch will take advantage of the funds, network, and technology provided by ICBC Head Office, and provide comprehensive banking services for clients, multinational corporations and financial institutions in both countries, said the bank.

By the end of June 2008, ICBC had extended business in situations to 15 foreign countries and regions.

(Xinhua News Agency October 17, 2008)