Deals
China’s ICBC Weighs Middle East Acquisitions to Boost Profit
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Industrial & Commercial Bank of China Ltd., the world’s most profitable lender, said it will consider acquisitions in the Middle East as part of plans to boost earnings from the region by 50 percent this year.
“We’re looking to see if there are acquisition opportunities,” Zhou Xiaodong, chief executive officer for the Middle East, said in an interview from the lender’s Dubai offices. “It’s a good strategy. Part of the reason why ICBC grew so fast in Hong Kong is because of acquisitions.”