ICBC's latest expansion in the Middle East marks a broader international drive that could make the bank a top global player in the next 5-10 years.
For anyone looking at long-term banking plays in China, ICBC certainly seems like a good bet due to its strong focus on emerging markets, trade finance and yuan-related services, three big growth areas where Chinese banks enjoy a strong natural advantage over their western peers. But in the shorter term, ICBC and its other major domestic competitors will have to face more serious problems in their home market that still accounts for the big majority of their business.