The Industrial and Commercial Bank of China (ICBC), the world’s largest RMB bank and Singapore’s sole RMB clearing bank, has expanded its presence in Singapore with the opening of its seventh local sub-branch in Simei, reflecting the bank’s strong commitment to continued growth in Singapore. The latest sub-branch effectively extends ICBC Singapore Branch’s banking and distribution outreach within the country, enabling it to serve its customers more efficiently. The first day of operations at the Simei sub-branch saw the opening of more than 50 personal banking accounts.

"Over the years, our business in Singapore as the preferred RMB bank has grown tremendously, especially as we continue to build on our various banking platforms to cater to different customers and their preferred ways of banking with us," said Mr Zhang Weiwu, General Manager of ICBC Singapore Branch.

"As the first Chinese bank to launch digital banking and Internet financing here, brick-and-mortar branches remain a key touchpoint for us, and the opening of our new sub-branch in Simei is a firm demonstration of our long-term commitment to Singapore and our local growth strategy. As an expansion of our banking and distribution outreach across Singapore, the Simei sub-branch will serve as an additional outlet to serve our customers’ needs at a location of their convenience.”

ICBC Singapore Branch’s latest sub-branch in Simei will offer the full range of ICBC Singapore retail banking products and services, including multi-currency personal account opening, remittance, foreign currency exchange, bank card business as well as applications for internet banking services including account-based precious metals trading, FOREX, fund transfer and remittance, etc. The sub-branch also facilitates  local banking service with 24-hour ATMs. In line with the opening of the outlet, ICBC Singapore Branch will be launching an island-wide series of special promotions, including the waiver of pre-settlement remittance fees, a 3.4% interest rate for RMB fixed deposits, and a 1.9% interest rate for SGD fixed deposits.

The Simei Sub-branch marks the most recent addition to ICBC’s existing institutions  in Singapore at Raffles Place, Chinatown, Orchard, Paya Lebar, Jurong East, and Sembawang.