China’s large state-owned banks are planning to offer a range of financial products in global markets, as more Chinese companies move into foreign markets. Industrial and Commercial Bank of China (ICBC) provided financial support worth USD22 billion to help Chinese companies expand their businesses in 46 countries and regions by the end of June 2014. The companies covered more than 10 major sectors. Last year, the lender also arranged a syndicated loan of USD7 billion for a Chinese consortium that agreed to invest USD10.6 billion to buy and construct Glencore Xstrata’s Las Barmbas copper mine project in Peru. As of June 30, ICBC had 331 overseas institutions in 40 countries and regions. Its agent banks covered 146 countries and regions, with foreign-funded agent banks amounting to 1,767. The total assets of the bank’s overseas institutions had reached USD232.5 billion, up 11.1% from the beginning of 2014. Net profit of the overseas institutions increased 41% year-on-year to USD1.2 billion and their non-performing loan (NPL) ratio was only 0.48%, well below the entire bank’s NPL ratio of 0.99%. With the transformation of the Chinese economy, companies that expand their business overseas are setting higher requirements for banks, which are still lagging behind in terms of globalization, the China Daily reports. As of September 30, Bank of China had supported 1,332 “going global” projects of Chinese companies and promised to offer loans totaling USD115.2 billion, rising 32% from the end of 2013.