China's Industrial and Commercial Bank to open branch in Saudi Arabia

25/03/2015 Argaam
The Industrial and Commercial Bank of China Ltd (ICBC) obtained the regulatory license required to set up a branch in Saudi Arabia, said Anwar Habibullah, the consul general of China in Jeddah. 
 
“The world’s biggest bank is developing the necessary roadmap to launch its first unit in the kingdom,” Asharq Al-Awsat newspaper quoted Habibullah as saying. 
 
The large trade volume between both countries will become easier when Chinese investors access all market sectors. Financial cooperation will undoubtedly enhance mutual ties, he added.
 
ICBC is the largest bank worldwide with $3.12 trillion in assets. Its activities mainly focus on treasury transactions, retail lending, and corporate banking. 

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