In October 2008, Industrial and Commercial Bank of China (ICBC) entered the Middle East region, establishing Industrial and Commercial Bank of China (Middle East) Limited (regulated by DFSA) and Industrial and Commercial Bank of China QFC Branch (authorized by QFCRA) in quick succession and commencing businesses. ICBC hence became the pioneer of Chinese banks in the Middle East region, riding on its advanced market position, excellent client base, multiple product structure, strong innovative ability and prominent brand value. These allow ICBC to support various infrastructure financing demands in the United Arab Emirates, Qatar and the Middle East region, and comprehensively provide various financial services including international trade, domestic guarantee and overseas credit, project financing, becoming 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, a 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 continue to expand its network within the Middle East region by relying on abundance market resources, prioritizing commercial banking, and strive to develop investment banking and asset management, so as to strengthen ICBC's influence and competitiveness in becoming the most influential and respectable bank in the region.