The Industrial and Commercial Bank of China (ICBC), the world's largest bank by market capitalization, opened Monday its first Middle East subsidiary bank in Dubai, the commercial and financial hub of the United Arab Emirates (UAE).

The opening of ICBC Middle East, the first wholly-owned Chinese subsidiary bank in the region, marks a major step by the ICBC toward expanding overseas financial services and promoting its internationalization strategy.

Based on its financial resilience, advanced expertise and diversified business platform, ICBC Middle East will be committed to building a direct and accessible bridge for investment and trade among China, the UAE and other Middle East countries, said Jiang Jianqing, chairman of ICBC.

ICBC Middle East will make full use of the geographic advantage and financial resources of Dubai and will gradually expand the scope of business to the entire Middle East and North Africa, he added.

With the highest rating business license from local financial regulator, ICBC Middle East will provide a full range of financial services, including deposit, credit, trade finance, investment, asset management, consultation and custody.

As China's largest commercial bank, the ICBC has been expediting the extension of overseas network and widening the field of business, in a bid to promote the strategy of internationalization.

The bank launched two branches in Sydney and New York in the past few weeks. It will open a new branch in Doha, capital of Qatar, on Tuesday.

By the end of June 2008, the ICBC has set up a total of 126 branches and subsidiary banks in 15 countries and regions, with another 1,360 correspondent banks in 122 countries and regions.

(Xinhua News Agency October 21, 2008)