In October 2008, Industrial and Commercial Bank of China (ICBC) formally entered into the Middle East region, establishing Industrial and Commercial Bank of China (Middle East) Limited (regulated by the DFSA) and Industrial and Commercial Bank of China (QFC) Branch (authorized by the QFCRA) in quick succession and commencing businesses.
This enables ICBC to become the pioneer of China-owned banks in the Middle East region, and will, on the basis of its advanced market position, excellent client base, multiple product structure, strong innovative ability and prominent brand value, allows ICBC to support various infrastructure financing demands in the United Arab Emirates, Qatar and the greater Middle East, and comprehensively provide various financial services including international trade, domestic guarantee, and oversea credit, project financing, to become the economic bridge and channel between China and the Middle East region.
At the end of 2009, ICBC succeeded in acquiring a wholesale banking license from Central Bank of the United Arab Emirates, which is seen as big progress for ICBC in the Middle East region. Now a chain has been formed between the cities of Abu Dhabi, Dubai, and Doha to provide more comprehensive financial services to ICBC clients in the region.
ICBC will keep on improving its network within the Middle East region by relying on abundance of market resources, insistence on prioritizing commercial banking, striving to develop investment banking and asset management, so as to strengthen ICBC’s influence and competitiveness, and become the most influential and respectable bank in the region.