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China’s ICBC looks to Mideast
Industrial & Commercial Bank of China, or ICBC, the world’s most profitable lender, said it will consider acquisitions in the Middle East as part of plans to boost profit from the region by 50 per cent this year.
“We’re looking to see if there are acquisition opportunities,” Zhou Xiaodong, chief executive officer for the Middle East, said in an interview from the lender’s Dubai offices. “It’s a good strategy. Part of the reason why ICBC grew so fast in Hong Kong is because of acquisitions.”
ICBC is seeking to triple overseas earnings by 2016 and targeting more business with Middle Eastern firms after previously focusing on the local units of Chinese firms in the region, Zhou said. The bank has a goal to increase earnings from the Middle East by half this year and plans to open retail branches in the UAE, Saudi Arabia and Kuwait.
ICBC lent $600 million to regional clients including Emirates airline, Qatar Airways and the Dubai Electricity and Water Authority in 2013. This year, it’s seeking to boost lending to Dubai real estate projects, energy companies in Abu Dhabi and infrastructure work in Qatar. In January it advanced $201 million to Dubai-based real estate investment company Skai Holdings for the development of a hotel on the Palm Jumeirah.
“There’s a deep blue sea of opportunity for ICBC to develop its business in the Middle East,” Zhou said, adding that profit from the region was $33 million last year. “The Middle East business will play a very important role.” — Bloomberg
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