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ICBC opens Doha branch

Qatar: Monday, October 20 - 2008 @ 16:54

This is the second business institution launched by ICBC in the Middle East, following the establishment of ICBC (Middle East) Ltd in Dubai.

Located at Qatar Financial Centre, ICBC Doha (QFC) Branch) has been authorized to conduct the financial services listed under Category One, which covers a wide range of financial services including deposit taking, arranging and providing credit facilities, dealing, managing, advising on and arranging deals in investments, arranging the provision of custody services, etc.

As an important energy exporter in the Middle East, Qatar is endowed with a unique geographical advantage, rich resources, and a free and open financial environment.

In recent years, Qatar and China have witnessed great development in cooperation in economy, trade, energy and other fields, thereby strengthening bilateral ties between both economies. In 2007, bilateral trade hit $1.21bn, up by 21% year-on-year.

As of the end of 2007, the turnover of project contracting and labor cooperation completed by China in Qatar has reached $930m.

The rapid development in economic and trade between the two countries has brought about a pressing need for both sides to deepen financial cooperation, thus providing an excellent opportunity for ICBC to open a branch in Doha.

Jiang Jianqing, Chairman of ICBC, said that the branch will join hands with ICBC (Middle East) which opened on the 20th October, to fully utilise the advantages of their geographical location, scope of business and clients, and provide clients with long-term, high-quality financial services. They will endeavour to jointly promote ICBC’s development in the Middle East and enhance its regional and global competitiveness.

As China’s largest commercial bank, ICBC has a solid client base, advanced IT platform, and diversified products; it maintains a leading position in all its major business areas in China.

After listing on the Shanghai and Hong Kong stock exchanges in 2006, its management expertise and profitability have witnessed a sharp increase.

In the first half of 2008, ICBC realized after-tax profits to the tune of $9.5bn, making it one of the world’s most profitable banks.

In recent years, under the backdrop of economic integration and financial globalization, in view of the huge demand from Chinese enterprises that have adopted the “Going-out” strategy, ICBC has been actively promoting the strategy of internationalization, speeding up the expansion of its overseas network and widening the field of business, in an effort to enhance the ability of cross-border financial services.

As on June 2008, ICBC extended its business institutions to 15 countries and regions, with a total of 126 branches and subsidiary banks and established correspondent bank relationship with 1360 banks in 122 countries and regions.

It aims to be a multi-level, structured, reasonably positioned, and efficiently operated global financial service network with diverse channels.

It will cover major international financial centers and China’s major economic and trade cooperation regions.

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Monday, October 20- 2008 @ 16:54 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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