In an statement filed with the Shanghai Stock Exchange on 7 May 2008, Industrial and Commercial Bank of China Limited (ICBC, 601398), China's largest lender, announced that the bank had received the final license necessary for its Dubai branch from the Dubai Financial Services Authority (DFSA) of United Arab Emirates. The branch, which will be named ICBC Middle East Co. Ltd, had previously received license from China's banking regulator, the China Bank Regulatory Commission.
With a registered capital of USD 50 mln, the Dubai branch of ICBC will mainly engage in accepting deposits, providing credit lending, investment deals and asset management among other business.

On 6 May 2008, the closing price of the A-shares of ICBC was RMB 6.49, a drop of 2.55%.

Source: Financial News

Date: 7 May 2008

CN01/SW/BT/WH