On January 31, 2008 according to the local time of Qatar, the application of ICBC to establish Doha Branch obtained the formal approval of Administration of Qatar Financial Center and the application has been approved by the China Banking Regulatory Commission in advance. This is the first time that Chinese banking sector was allowed to establish business institutions in the region of Gulf and this is an important step taken by ICBC to implement its global strategy.
According to reports, the partnership between ICBC and the region of Gulf took place in October 2006 when ICBC was issued and listed for the first time. At that time, Qatar Investment Authority invested USD 206 million and Kuwait Investment Authority invested USD 720 million becoming important investors of ICBC.
At the same time, the overall improvement of Chinese banking sector and the significant upgrade in regulatory capability have got the recognition and respect of Qatar. Meanwhile, the solid strength and steady management of ICBC are important reasons that help the establishment of Doha Branch.
Along with the increase in economic and trade exchanges and the enhancement in mutual trust between China and Qatar, both sides are more urgent to cooperate in the field of finance. The Doha Branch of ICBC will mainly operate in the wholesale merchant banking business and will carry out relevant investment advisory, asset management, custodian services and other investment banking business at the same time.
ICBC's successful application and establishment of Doha Branch must further upgrade the competitiveness and influence of Chinese financial enterprises in the international financial market.
