China's largest bank, Industrial and Commercial Bank of China (ICBC), has received approval to set up a branch in Doha, Qatar. It will be the first subsidiary of a Chinese bank in the Gulf region.
ICBC will focus on wholesale commercial banking and investment banking,
the bank said in a statement. It has close connections in the country,
as the Qatar Investment Authority invested USD206m at ICBC's 2006
initial public offering.
The branch in Doha is the latest step in ICBC’s internationalisation
strategy, following its establishment of subsidiaries in Moscow and
Jakarta. Plans are reportedly in place for it to enter Dubai, New York
and Sydney.
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China's largest bank, Industrial and Commercial Bank of China (ICBC), has received approval to set up a branch in Doha, Qatar. It will be the first subsidiary of a Chinese bank in the Gulf region.
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