Hungarian Finance Minister Mihály Varga entered into a bilateral memorandum of understanding with Ku Su, the CEO of Industrial and Commercial Bank of China (ICBC). The agreement entails a comprehensive and long-term strategic cooperation between Hungary and China based on the two countries’ common interests.
China is set to play an active role in Hungary’s renminbi bond issuance and support cross-border renminbi business relations, payment operations, and financing of Hungarian infrastructure projects. Furthermore, ICBC will be able to partner with Hungarian banks in areas such as artificial intelligence, cloud-based services, and other digital developments.
An ICBC office in Budapest is also a possibility to facilitate transactions, support investment in the “One Zone, One Way” initiative, and help Hungary further its goal of becoming a financial center in the CEE region.
Founded in 1984, ICBC is the largest bank in the world, with approximately $4 trillion in assets. It has 426 offices in 47 countries and regions and is present in 15 European countries to date.