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

The opening of ICBC Middle East, the first wholly-owned Chinese subsidiary bank in the region, marks a major step by the lender 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 ICBC Chairman Jiang Jianqing.

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, ICBC has been expediting the extension of overseas network. The bank opened two branches in Sydney and New York recently.