UniCredit and Industry & Commercial Bank of China (ICBC) signed an agreement expand business cooperation and services for clients. UniCredit, the second biggest bank in Italy began operating in Asia in 1977 when it opened a branch in Tokyo. Currently, it has branches in China, Hong Kong, Singapore, and Japan. It primarily services European clients with operations in the Asia-Pacific region. With the signing of the memorandum of understanding, both parties are looking to promote business opportunities in China, Italy, Germany, Austria, and Central and East European regions.