China's ICBC gets green light for Dubai subsidiary

HONG KONG, May 6 (Reuters) - Industrial & Commercial bank of China Ltd , the world's largest bank by market value, said on Tuesday it had won approval from the United Arab Emirates banking regulator to set up a subsidiary in Dubai.

The subsidiary, which will have registered capital of $50 million, will mainly cover accepting deposits, providing credit, dealing in investments, managing assets and other businesses.

ICBC was the first Chinese bank to open a branch in the Gulf after getting approval to open a branch in Doha in February, marking an important step in its expansion abroad.

The bank, in which Goldman Sachs , Allianz Group and American Express hold stakes, has said it is also planning branches in Moscow and Sydney.

ICBC has said it wants overseas business to account for 10 percent of its total revenues, up from 3 to 4 percent now. (Reporting by Alison Leung; Editing by Quentin Bryar)

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