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Industrial and Commercial Bank of China, the world’s largest bank by market value, yesterday said it had won approval from the UAE banking regulator to set up a subsidiary in Dubai. The subsidiary, which will have registered capital of $50 million, will mainly cover accepting deposits, providing credit, dealing in investments, managing assets and other businesses.
ICBC was the first Chinese bank to open a branch in the Gulf after getting approval to set up in Doha in February. The bank, in which Goldman Sachs, Allianz Group and American Express hold stakes, is also planning branches in Moscow and Sydney. ICBC has said it wants overseas business to account for ten per cent of its total revenues, up from three to four per cent now.
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