The state-owned Kuwait Investment Authority is to purchase approximately $720 million worth of shares in the Industrial & Commercial Bank of China, according to a Reuters report.
The Kuwait Investment Authority (KIA) is keen to gain a foothold in the fast-growing Chinese market, and the share purchase is reported to make it one of the top investors in China’s biggest bank.
The managing director of KIA, Bader al-Saad, was quoted in the Reuters report as saying: This participation demonstrates Kuwait’s deepening economic ties with China as well as showcases the long- term strategic value of KIA as a core investor. This participation also marks the beginning of KIA’s long-term strategic investment plan in China, which the KIA hopes to extend to many other sectors.
Industrial & Commercial Bank of China, which has assets of $890 million, is to offer over 55 billion of its shares in what will be the biggest ever initial public offering.