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Kuwait gives ICBC approval for branch

May 20, 2014 12:53 am

Kuwait has granted its approval to China’s biggest bank, Industrial and Commercial Bank of China, to open a branch in the Gulf country, Reuters has reported. Last March, Kuwait said it would allow foreign banks to open multiple branches to spur growth. Central bank governor Mohammad Al-Hashel said the central bank had put ICBC in the official register of foreign banks after it got approval from the finance ministry to open a branch. It will be the ICBC’s fourth branch in the region after Doha, Abu Dhabi and Dubai.