China’s ICBC opens first Saudi branch

04/06/2015 Argaam

Industrial Commercial Bank of China Ltd (ICBC), the world’s largest bank by total assets, has opened a branch in the capital city of Riyadh, making it the first Chinese bank with retail presence in the kingdom and the bank’s fifth location in the Arab world.

 

Abdulaziz Bin Salah Al-Farih, governor of Saudi Arabia’s central bank, and ICBC’s vice president Go Cho, inaugurated the branch on Wednesday, according to the state news agency.  

 

ICBC is considered the biggest Chinese bank in the region, with branches in Doha, Dubai, Abu Dhabi, and Kuwait.  Its assets currently exceed $3 trillion, and it focuses on treasury operations, personal loans, commercial services, as well as other financial services. 

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