According to The Latin American Tribune, Industrial and Commercial Bank of China Ltd., the world’s largest financial institution by total assets, said Saturday (November 8) that Mexican authorities have approved its bank license application, official news agency Xinhua reported.
It marks the first time a Chinese bank has been granted authorization to operate in México, Xinhua said, adding that ICBC did not indicate when it will open a branch in Mexico City.
The announcement comes on the eve of a visit to China by Mexican President Enrique Peña Nieto, who will attend an Asia-Pacific Economic Cooperation (APEC) economic leaders’ meeting in Beijing next week.
COMMENT: Needless to say, now or later, Beijing will undoubtedly one day call in the “many markers” it has accorded to financially desperate Latin nations that are not self-sufficient. It is those nations that will be permanently and irreparably indebted to China.
For those of our readers who generally don’t focus on the Amerícas, over the last three years Beijing, one of the few nations that apparently has a never-ending supply of cash, has been loaning, bank-rolling and bartering for crude oil and other essential commodities throughout the Amerícas.
Beijing almost never gives needy nations “stuff, money, grants and bartering opportunities, etc.” unless it expects political, economic and other concessions down the road.
“The establishment of the Mexican branch is expected to boost economic exchanges and trade between China and México, and contribute to bilateral cooperation in sectors such as energy, trade, projects contracting, and equipment supplies,” Xinhua reported, citing an ICBC spokesman.
ICBC has expanded its foreign presence internationally by opening branches in Spain, France, Italy, Belgium, the Netherlands, Perú, Brazil and other markets in the Americas.