ICBC gets Dubai approval for subsidiary
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Industrial and Commercial Bank of China won regulatory approval yesterday to set up a subsidiary in Dubai, becoming the first mainland lender to branch into the Middle East's emerging financial hub.
ICBC was granted a final licence from the Dubai Financial Services Authority to establish a subsidiary.
The application had been approved by the China Banking Regulatory Commission. The registered capital of the Dubai subsidiary is US$50 million.
In October, ICBC chairman Jiang Jianqing announced plans for a larger overseas presence in emerging markets, including an incorporated bank in Dubai and a branch in Qatar.