Industrial and Commercial Bank of China (ICBC) has opened its Abu Dhabi branch under the approval of the Central Bank of United Arab Emirates.
Earlier, ICBC secured a wholesale banking license from the UAE's Central Bank in December 2009. The license to ICBC is also the first banking license since 1982 issued to a non-Persian Gulf region lender.
The opening of Abu Dhabi Branch means ICBC is allowed to conduct business using the UAE's local currency (dirham) and join the local electronic clearing system and cheque clearing system.
In 2008, ICBC opened ICBC Middle East in UAE's Dubai and Doha Branch in Qatar's capital.