China’s biggest bank expands in the Gulf
Issue 970
- 23 May 2014
| 1 minute read
Kuwait will allow China’s biggest bank, Industrial and Commercial Bank of China (ICBC), to open a branch there. In a statement on 18 May, the Central Bank of Kuwait (CBK) said it had registered ICBC and quoted governor Mohammad Al-Hashel as saying the move would encourage competition and the development of financial services and products. ICBC already has branches in Doha, Abu Dhabi and Dubai, and is expected to open in Riyadh soon, having won a Saudi licence in 2012. Chief executive for the Middle East Zhou Xiadong told Bloomberg in February that the bank was looking to boost earnings from the region by 50% this year.
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