REUTERS — Monday 19 May 2014
KUWAIT CITY: China’s biggest bank, Industrial and Commercial Bank of
China, got final approval on Sunday to open a branch in Kuwait, which
wants to free up its banking sector.
In March, Kuwait said it would allow foreign banks to open multiple branches to spur growth.
Analysts
said it was unlikely that many banks would take advantage of the offer
unless the government accelerated long-postponed infrastructure
projects.
Allowing foreign banks to expand in Kuwait will encourage
competition and the development of banking products and services,
governor Mohammad Al-Hashel said in a statement on the central bank
website (cbk.gov.kw).
He said the central bank had put ICBC in the
official register of foreign banks after it got approval from the
Finance Ministry to open a branch.
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