The Spanish branch of Industrial and Commerce Bank of China (ICBC) was officially inaugurated in Madrid Monday.

ICBC President Jiang Jianqing, Spanish Minister of Industry, Tourism and Commerce Miguel Sebastian and Chinese Ambassador to Spain Zhu Bangzao attended an inaugural gala dinner here.

In a speech, Jiang thanked the Spanish government and authorities for allowing the ICBC to open in Spain and highlighted the importance of the Spanish economy and the close relations between the two countries.

Sebastian said Spain welcomes the arrival of the biggest Chinese bank, which would further improve the already good relationship between the two counties.

The Madrid branch is to provide a wide range of financial services to 166,000 Chinese nationals living in Spain.

ICBC has a total of 386,723 employees and 162 foreign branches throughout the World.