By Xinhua
Beijing : Qatar has approved the application of China’s largest bank, the Industrial and Commercial Bank of China (ICBC) to set up a branch in Qatar’s capital Doha.
It was the first time that a Chinese bank had been allowed to establish a business outlet in the Gulf region, according to ICBC.
The Doha branch will focus on wholesale commercial banking as well as investment banking activities such as asset management, investment consulting and trust services.
As the biggest lender in China, ICBC has been actively expanding in the global financial market. Last year, ICBC bought a 20-percent equity stake in South African Standard Bank Group for $5.46 billion and a 79.93 percent stake in Seng Heng Bank (SHB) in Macao.
ICBC also established subsidiaries in Moscow, Jakarta and Indonesia.