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China’s Biggest Bank Extends Middle East Operations

Dubai, UAE : 02 June 2010

The Industrial and Commercial Bank of China has announced that it intends to extend its Middle East operations by opening more branches and might also consider acquisitions in the region.

ICBC’s is China’s biggest bank, based on its assets of $1.8trillion, but the vast majority of these sit in mainland China with only 3% of the banks assets based abroad.  ICBC currently has three outlets in the region, based in Doha, Dubai and Abu Dhabi.  The Bank’s stated intention is to look into opening two further branches in Saudi Arabia and Kuwait.

Tian Zhiping, Chief Executive for ICBC’s Middle East operations said he expects the bank to post net profits in excess of $10million in 2010 from its business in the region.  This would mean a significant increase from the $2.8million profit seen in the previous year.

Sarah O'Connell, Staff Writer, Gulf Jobs Market
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