One year. This is the length of time that the Industrial and Commercial Bank of China (ICBC), the biggest Chinese bank with a continued presence in Spain since October of 2010, needs to make a bet on deposits in our country. Yesterday the Chinese lender issued its first deposit offer for minimum investments of 500 euros. Deposits will yield clients interest rates of 3.6% at two years or 3.2% for one year. The latter is the sixth highest yield offered commercially in Spain.
Those are not the only terms available. Clients will be able to buy the same product for a shorter duration, between one and six months. The ICBC is also offering diversification through possible deposits in foreign currency.
In addition to euros, the deposits will be available in American dollars and Chinese yen. While the minimum investment amounts will be fixed at 500 dollars or 500 yen, the yields vary for each currency. Independent of what option is chosen, those who buy them can do so online or at the ICBC's only branch in Spain, which is in Madrid.
