ICBC wins license to launch Dubai branch

China's largest lender, Industrial & Commercial Bank of China Ltd (ICBC), has won final license to launch a branch in Dubai, said the banking giant in a filing with the Shanghai Stock Exchange today.

With this license, which ICBC received from the United Arab Emirates Dubai Financial Services Authority last Monday, it will provide a broad service range covering deposits, credits and assets management for local customers, which will own US$50 million in registered capital.

ICBC, also the world's biggest bank by market value, targets to triple the share of profit from the overseas emerging markets to 10%. It own runs over 110 branches in 13 countries and regions all over the world, and plans to extend the branches in New York and Australia.