The Industrial and Commercial Bank of China has opened its first wholly-owned Middle East subsidiary bank in Dubai, the economic and financial center of the United Arab Emirates.
Located in the Dubai International Financial Centre, the ICBC Middle East operation has attained the highest rating business license from the local financial regulator, providing for a full range of financial services including deposit taking, credit, trade finance, asset management, financial products, consultation, and custody.
Jiang Jianqing, chairman of ICBC, said that based on its financial resilience, advanced expertise, and diversified business platform, ICBC Middle East will be committed to building a direct and accessible bridge for investment and trade between China, and the UAE and other Middle East countries.
At the same time, with the geographic advantage and financial resources of Dubai, ICBC Middle East will take UAE and Qatar as two bases to gradually expand its business to the entire Middle East and to North Africa, to provide financial services to enterprises and individuals in these areas, and to further improve its competitive power in the Middle East.
As one of China's largest commercial banks, the ICBC has been expediting the extension of its overseas network. By the end of June 2008, the bank had set up 126 branches in 15 countries and regions as well as having 1,360 correspondent banks in 122 countries and regions. Over the past few weeks, it opened two new branches — in Sydney and in New York.