China’s largest commercial bank grew rapidly in the Middle East last year, as trade links between the Gulf and the world’s second-largest economy flourished.
Lending, deposits and profits at the Middle East arm of the Industrial and Commercial Bank of China all more than doubled in 2011, the bank announced yesterday, amid booming demand for trade financing between the two regions.
As Chinese links to the Middle East grew, “we have been able to provide our clients with a trade and investment bridge”, says Tian Zhiping, chief executive of ICBC’s Middle East business.
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