The Industrial & Commercial Bank of China (ICBC) has been granted approval from Kuwait’s authorities to open its first branch in Kuwait.

Governor of the Central Bank of Kuwait, Mohammad al-Hasael, announced the listing of ICBC on the register of foreign banks in Kuwait on 18 May.

The news follows legislation publicised by the central bank in March that will allow foreign banks to open more branches in Kuwait. Previously banks could only open one office in the country.

The new rules are thought to be part of a wider initiative to boost credit growth in Kuwait.