THE Qatar Financial Center has approved the application of China's largest lender, the Industrial and Commercial Bank of China (ICBC), to set up a branch in Doha.
It was the first time a Chinese bank had been allowed to establish a business outlet in the Persian Gulf region, according to ICBC. Officials of the Chinese bank said that bilateral financial collaboration had become more important because of closer economic and trade ties.
The Doha branch will focus on wholesale commercial banking as well as investment banking activities such as asset management, investment consulting and trust services.
ICBC also established subsidiaries in Moscow, Jakarta and Indonesia.