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China's ICBC to open branch in Dubai
- United Arab Emirates: Thursday, May 08 - 2008 at 08:37
Industrial & Commercial Bank of China, the world's largest bank by market value, has won approval from the UAE to set up a subsidiary in Dubai, reported Reuters. The subsidiary, which will have registered capital of $50m, will mainly cover accepting deposits, providing credit, dealing in investments, managing assets and other businesses. ICBC became the first Chinese bank to open a branch in the Gulf when it launched a branch in Doha in February.
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Jeff Florian, Senior ReporterThursday, May 08 - 2008 at 08:37 UAE local time (GMT+4)
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