ICBC eyes Dubai, Doha expansion
Beijing, October 17, 2007
Industrial and Commercial Bank of China, the country's largest bank, plans to open branches in Doha, Dubai, Moscow and Sydney, chairman Jiang Jianqing said.
'As the whole world knows, the Middle East is a fast-growing region with lots of capital. Just as in China, there are many opportunities for banks,' Jiang told reporters during the Communist Party Congress.
ICBC is flush with cash and eyeing expansion opportunities after raising $21.9 billion last year in the world's biggest IPO.
Jiang said the Middle East region was currently served only by a Bank of China branch in Bahrain.
Trade and investment between China and the Middle East were expanding rapidly, and many Chinese construction companies were active in the region, Jiang said.
Chinese regulators have agreed to the Middle East expansion plan and were now awaiting approval from their counterparts in the region, which could happen in the coming months, he added. Reuters