Monday 17 February 2014

China’s ICBC Weighs Middle East Acquisitions to Boost Profit - Bloomberg

China’s ICBC Weighs Middle East Acquisitions to Boost Profit - Bloomberg:



"Industrial & Commercial Bank of China Ltd., the world’s most profitable lender, said it will consider acquisitions in the Middle East as part of plans to boost earnings from the region by 50 percent 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 companies after previously focusing on the local units of Chinese firms in the region, Zhou said. Profit from the Middle East amounted to $33 million in 2013, he said, and the bank plans to open retail branches in Kuwait, Saudi Arabia and the United Arab Emirates."



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