Kuwait to raise stake in Industrial and Commercial Bank of China

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Kuwait is looking to raise its stake in the Industrial and Commercial Bank of China (ICBC) and invest in Chinese energy and industrial sectors, its finance minister said.

Mustapha Al Shamali also said the world's fourth-largest oil exporter would not reduce its dollar-denominated assets. "We have an investment in ICBC. We have a portion of it and we are going to enlarge it," he said in an interview, without disclosing the size of the stake.

"We could get our share from the market," he said.