ICBC targets Middle East expansion

Industrial & Commercial Bank of China (ICBC; 1398.HKG, 601398.SHA) is looking for acquisition opportunities in the Middle East as part of a plan to boost profits from the region by half this year, Bloomberg reported, citing Zhou Xiaodong, the lender’s CEO for the Middle East. In an interview from ICBC’s Dubai offices, Zhou said the world’s most profitable bank is seeking to triple overseas earnings by 2016 and is targeting more business with Middle Eastern companies. ICBC plans to open retail branches in Kuwait, Saudi Arabia and the United Arab Emirates.