The world's biggest bank wants a high street presence in the Emirates to capitalise on growing trade between the UAE and China.
Industrial and Commercial Bank of China (ICBC) more than doubled its profits from the Middle East as more companies settled business deals using accounts in yuan. The Chinese currency has been offered as a means to settle transactions by the bank since March.
Now the bank, valued at US$240 billion (Dh881.5bn) by market capitalisation, wants to build a retail franchise in the Emirates. That would put it in direct competition with Standard Chartered and HSBC, said Shabbir Malik, a financial analyst at EFG-Hermes.
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