Industrial and Commercial Bank of China Limited (“ICBC”), which was incorporated in the People’s Republic of China on 1st of January in 1984, is now one of the largest commercial banks in the world.
In October 2008, the opening of Industrial and Commercial Bank of China (Middle East) Limited (regulated by the Dubai Financial Services Authority) allows ICBC to become the pioneer among the Chinese financial institutions for the Middle East market. With strong support from its Head Office located in Beijing, ICBC Middle East supports the financial needs of the UAE and Middle East area, providing a comprehensive international trade, overseas financing against domestic support, project finance, clearance and settlement, and a series of financial services, and became a link of economic and trade exchanges between China and Middle East region.
By December 2009, Industrial and Commercial Bank of China Limited – Abu Dhabi Branch (regulated by the Central Bank of United Arab Emirates) has been granted a wholesale banking license, and in November 2010 officially opened, qualified as a clearing bank of the UAE local currency (Dirham).
In November 2013, Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch (regulated by the DFSA) formally commenced operation together with ICBC (Middle East). In 2014, after transferring the rights and obligations to ICBC Dubai (DIFC) Branch, ICBC (Middle East) stepped into the clearing process. ICBC Dubai Branch took the advantages of the full resource license, continued its business expansion and increased its abilities to better serve its clients, further enhancing the strong business ties between China and GCC region.
ICBC’s Middle East operation aims to develop into the most profitable unit per capita, while increasing its regional influence to become one of the most respectable banks in the Middle East.