<P> It was announced at the end of July 2013 that South Africa's Standard Bank was in talks to sell its markets business in London to the Industrial and Commercial Bank of China for more than $500 million . </P> <P> On September 24, 2014, ICBC Kuwait Branch officially opened in Kuwait City, capital of Kuwait . As the first and currently the only Chinese bank in Kuwait, the establishment of ICBC Kuwait Branch ended the history of no Chinese bank's presence in Kuwait . Meanwhile, it is also the fourth branch of ICBC in the Middle East, following branches in Dubai, Abu Dhabi and Doha . Kuwaiti Deputy Prime Minister and Minister of Commerce and Industry Abdulmohsen Al - Madaj, Chairman of ICBC Jiang Jianqing, and China's ambassador to Kuwait Cui Jianchun and other officials and guests attended the opening ceremony held in Kuwait City on September 24 . </P> <P> ICBC is not only the first Chinese bank to set up operating branches in the Middle East, but also the biggest Chinese bank in the region in terms of total number of branches and business scale . The establishment of ICBC Kuwait Branch has further optimized the Bank's service network in the Middle East and represents another important achievement of the Bank's international operation strategy . ICBC Kuwait Branch has full - suite banking license, offering high - quality financial products and diversified and comprehensive financial services tailored to customers' needs . Meanwhile, it will continue cooperating with other ICBC institutions in the Middle East to upgrade its comprehensive service capability in Kuwait . </P> <P> As discussed by ICBC Senior Officials, the bank is open to alternative banking and financing and would like to seek more guidance on best practices . </P>

Who owns the industrial and commercial bank of china