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ICBC Sets up Kuwait Branch

On September 24, 2014, ICBC Kuwait Branch officially opened in Kuwait City, capital of Kuwait. As the first and currently the only Chinese bank in Kuwait, the establishment of ICBC Kuwait Branch ended the history of no Chinese bank’s presence in Kuwait. Meanwhile, it is also the fourth branch of ICBC in the Middle East, following branches in Dubai, Abu Dhabi and Doha. Kuwaiti Deputy Prime Minister and Minister of Commerce and Industry Abdulmohsen Al-Madaj, Chairman of ICBC Jiang Jianqing, and China’s ambassador to Kuwait Cui Jianchun and other officials and guests attended the opening ceremony held in Kuwait City on September 24.

At the opening ceremony, Mr. Jiang said that Kuwait and China are differentiated in resource endowment and complementary in economy, creating great potentials for both countries in bilateral cooperation. This June, Kuwaiti Prime Minister visited China, bringing the bilateral friendly relations and cooperation to a new level. The two countries have wide cooperation opportunities in terms of railway construction, energy cooperation, cultural and educational exchanges, construction of Silk Road economic belt and 21st century Maritime Silk Road, and establishment of Asian Infrastructure Investment Bank. The increasingly close economic, trade and personnel exchanges between China and Kuwait have laid a foundation for financial cooperation and also raised new demand for cross-border banking services. After the opening, ICBC Kuwait Branch will make efforts to become a bridge and bond for bilateral economic and trade exchange with commitment to be an excellent bank recognized by local government, the public, customers and the society.

ICBC is not only the first Chinese bank to set up operating branches in the Middle East, but also the biggest Chinese bank in the region in terms of total number of branches and business scale. The establishment of ICBC Kuwait Branch has further optimized the Bank’s service network in the Middle East and represents another important achievement of the Bank’s international operation strategy. ICBC Kuwait Branch has full-suite banking license, offering high-quality financial products and diversified and comprehensive financial services tailored to customers’ needs. Meanwhile, it will continue cooperating with other ICBC institutions in the Middle East to upgrade its comprehensive service capability in Kuwait.

ICBC is the largest commercial bank in China and currently maintains the leading position among global peers in terms of deposits, loans, total assets, tier 1 capital, operating income and brand value. At present, ICBC has an extensive network of 331 overseas institutions covering 40 countries and regions across Asia, Africa, Latin America, North America, Europe and Australia. The shareholding in the Standard Bank in South Africa enables the Bank to indirectly extend its presence to 18 African countries.