ICBC ME pre-tax profit up to $54m
Industrial and Commercial Bank of China Middle East (ICBC ME), a unit of the world's largest lending bank, released today its trading results for the full year ended December 31, 2012 - with pre-tax profit up to $54 million.
ICBC ME continued to break its own records, as it benefited from stronger business and trade relations between the Middle East and China.
The bank has its subsidiary in Dubai, as well as branches in Abu Dhabi and Doha, Qatar, all contributing to the strategic expansion of the Bank's Middle Eastern business.
Commenting on the Bank's performance, Tian Zhiping, Regional CEO of the Middle East, said: "2012 was another year of strong growth for us as we continued to benefit from our regional franchise and unique position as a bridge for trade and investment between the Middle East and China.
“We have taken part in important syndications and witnessed growing volumes of RMB transactions, all of which added to our business growth. We are also providing project financing to the increasing number of Chinese businesses operating in the Middle East.
“Over the course of 2012, we strengthened our relationships with key government entities, private institutions and financial institutions across the region, which enhanced our business expansion.
“We also signed a Memorandum of Understanding with Qatar Holding to boost bilateral cooperation and investments between Qatar and China."
ICBC's lending is focused on large infrastructure projects, energy, transportation, technology and telecommunications - all of which are at the core of the Middle East's economic development.
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