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China's ICBC gets Swiss banking licence

Reuters

ZURICH, Dec 13 (Reuters) - Industrial and Commercial Bank of China (ICBC) , the world's biggest lender, has obtained a Swiss banking licence from watchdog FINMA, the Handelszeitung newspaper reported on Wednesday.

A FINMA spokesman confirmed the report.

It is the second Chinese bank to settle in Zurich after China Construction Bank. Preparations for the move have been going on since early 2016, the paper said.

Peichen Chen, previously head of ICBC operations in Pakistan, will run the Swiss bank, while former Bank Bellerive executive Claudio Pfammatter will be compliance head, the paper reported.

(Reporting by Michael Shields, editing by David Evans)