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China's biggest bank gets approval for Kuwait branch

Published on May 18, 2014 11:23 PM
 
China's biggest bank, Industrial and Commercial Bank of China (ICBC), got final approval on Sunday to open a branch in Kuwait, which wants to free up its banking sector. -- PHOTO: REUTERS

KUWAIT (REUTERS) - China's biggest bank, Industrial and Commercial Bank of China, got final approval on Sunday to open a branch in Kuwait, which wants to free up its banking sector.

In March, Kuwait said it would allow foreign banks to open multiple branches to spur growth. Analysts said it was unlikely that many banks would take advantage of the offer unless the government accelerated long-postponed infrastructure projects.

Allowing foreign banks to expand in Kuwait will encourage competition and the development of banking products and services, governor Mohammad al-Hashel said in a statement on the central bank website (www.cbk.gov.kw).

He said the central bank had put ICBC in the official register of foreign banks after it got approval from the Finance Ministry to open a branch.

 
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