Industrial and Commercial Bank of China, got final approval to open a branch in Kuwait, which wants to free up its banking sector. Kuwait had said it would allow foreign banks to open multiple branches to spur growth. 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. 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. The new branch will be ICBC’s fourth branch in the Gulf Arab region after Doha, Abu Dhabi and Dubai. Foreign banks in Kuwait, a major oil exporter, include regional lenders such as National Bank of Abu Dhabi and Qatar National Bank, as well as international heavyweights BNP Paribas, Citigroup and HSBC.
