Industrial and Commercial Bank of China (ICBC) is planning to open a local unit in Peru, Reuters reports. The lender has asked the superintendent of banking and insurance of the country for permission. In its initial phase, ICBC will open a single unit and aim to serve Chinese citizens residing in Peru and companies in Peru that do business with China. Peru exports copper, iron ore and zinc to China, while importing cell phones, machinery and other high-tech items.
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