On September 18, 2015, ICBC announced the formal launch of local RMB clearing services in Buenos Aires, capital of Argentina, thereby extending its global RMB clearing services to South America. On September 17, the PBoC authorized ICBC (Argentina) to act as the RMB clearing bank in the country. So far, ICBC has become the overseas RMB clearing bank designated by the PBoC in Singapore, Luxembourg, Canada, Qatar, Thailand and Argentina, and the first financial institution gaining the status of overseas RMB clearing bank across Asia, Europe and America, which will further enhance its round-the-clock RMB trading and clearing capacities worldwide.

Argentina is the second biggest economy in South America with important influence in the region, said Jiang Jianqing, Chairman of ICBC, at the launch ceremony. With the rapid development of trade and economic cooperation between the two countries in recent years, China has become Argentina’s second biggest trading partner and third biggest investor. ,State leaders of both countries exchanged high-level visits in 2014 and 2015, facilitating the establishment of a comprehensive strategic partnership. As the largest Chinese bank in Argentina, ICBC will faithfully assume its duties and obligations as an RMB clearing bank, actively develop RMB businesses, provide customers with efficient, convenient and high-quality RMB clearing services by leveraging its advantages in RMB business and global networks, and further contribute to the broader use of RMB in Argentina, and trade and economic cooperation between the two nations and between China and South America .

ICBC completed the acquisition of an 80% stake in Standard Bank Argentina S.A. in November 2012, which marked its official entry into the South American market. This was the first acquisition of a financial institution in Latin America, as well as the first overseas acquisition of a local mainstream commercial bank by a Chinese bank. By relying on its 103 branches spreading across the major areas of Argentina, ICBC (Argentina) has provided a full range of licensed financial services to over one million corporate and individual customers, including 70% of the local major group customers, 80% of the local major corporate customers, and 120 “Fortune Global 500” companies with local operations. After becoming the local RMB clearing bank, ICBC (Argentina) will provide customers with all kinds of RMB products from the opening of RMB accounts to RMB-denominated settlement, clearing, deposits, loans and trade finance, as well as offshore RMB services such as currency swaps, borrowing & lending, RMB-denominated market making and trading and cash distribution, further promote the use of RMB and the building of an offshore RMB center in Argentina.