Margarito B. Teves, the Finance Secretary of in the Philippines, said at a press conference in Malaganye that Industrial and Commercial Bank of China (ICBC) was discussing cooperation projects with GSIS Family Bank (GFB) in the Philippines.
The general manager of Business Unit 2 in ICBC expressed in a letter to GSIS board trustee Reynaldo Palmiery that the ICBC interested to invest in GFB as a third party strategic investor. The ICBC　is applying for a commercial license to operate and engage in expanded foreign currency deposit units, trust and quasi-banking functions, with a plan to open the additional 20 GFB branches.