Industrial and Commercial Bank of China Ltd, abbreviated (English: ICBC's) is the largest bank or company in the world in 2015 by Forbes magazine. Established in 1984. It is headquartered in Beijing. Its sales are estimated at $166.8 billion by mid-2015.
Industrial and Commercial Bank of China Limited is the largest commercial bank in China and outperform its counterparts in multiple indicators include deposits, loans and total assets and core capital and income factor and the value of the brand. In recent years, China Industrial and Commercial Bank of China has continuously adapted to customers' demand for diversified financial services and improved its external system by following China's foreign trade and investment method, significantly improving its global service capacity. By the end of 2014, its overseas network covered 41 countries and regions worldwide and has 338 companies Affiliate.
In 2005 and 2015, the Bank actively promoted its international strategy, accelerated the creation of an environment for foreign enterprises, expanded business and made efforts to strengthen global financial services. Since 2008, the Industrial and Commercial Bank of China has officially entered the Middle East markets to effectively support domestic energy, telecommunications, transportation, industry and other infrastructure, and promote trade relations between China and the Middle East, which has made great progress in business and become one of the major commercial banks In the Middle East also gradually.
Has been a major success in the Emirate of Dubai in the United Arab Emirates, and opened the branch of the Bank of China Commercial Industrial Limited - the Middle East in the Qatari capital Doha, becoming the Industrial and Commercial Bank of China the first Chinese bank to open a branch in the Middle East. In December 2009, the Industrial and Commercial Bank of China approved the establishment of a branch in Abu Dhabi to work in wholesale banking, becoming the first Chinese bank to receive the Central Bank's commercial license, the first of its kind since 1982, United Arab Emirates any license to operate banking for non-Gulf institutions since that period.
The service started from the first days of its establishment. The bank provided financial services to customers, namely Chinese oil companies (Sinopec, Sinoc), Huawei, construction companies and other leading Chinese companies. In April 2009, the Industrial Bank of China - Middle East, with the participation of the Government of Dubai, refinanced the Islamic Finance Center with US $635 million and provided 100 million dollars. This is the first time that the Industrial Bank of China Limited - the Middle East has been involved in financing a local Islamic bank to further expand its development business. In addition, the Bank of China Industrial Trade Limited - Middle East also supported the telecommunications industry, services and major domestic industries.
In 2009, the Bank of China Industrial and Commercial Bank Limited - Middle East presented a speech to the telecommunications sector in the United Arab Emirates announcing its intention to provide financing of US $1.5 billion, and sent another letter to a Qatari telecom company announcing its intention to provide financing in loans to the company and a $500 million structural agreement was signed with the UAE Telecom Corporation in Saudi Arabia. As of the end of October 2010, the total number of projects financed by the Industrial Bank of China Limited - Middle East in the field of telecommunications Coordination US$ 200 million. The Bank has provided $3 billion in financing and other types of financial services to clients in the Middle East, and has provided $13 billion in financial support to Chinese companies in major projects in the Middle East.
The three branches of the Industrial Bank of China Limited - the Middle East located in Abu Dhabi, Dubai and Doha offer geographic direct services to local customers to promote a deeper level of investment relations between China and the Middle East.
In Shaaban 1436H (June 14, 2015), the bank announced its entry into the Saudi market. This is the first Chinese bank to be established in the Kingdom. The opening of the Riyadh Branch is the fifth branch of the Industrial and Commercial Bank of China Limited in the Middle East after Dubai, Abu Dhabi, Doha and Kuwait.