Industrial and Commercial Bank of China, the country's largest lender, has been licensed by Qatar's banking regulator to set up a branch in Doha. It is the first Chinese bank to open a branch in the Gulf. In a statement, the bank said the Doha branch would focus on wholesale banking while providing consulting, trust and asset management services. ICBC, in which Goldman Sachs, Allianz Group and American Express hold stakes, said it is also planning branches in Dubai, Moscow and Sydney. It wants overseas business to account for 10 per cent of its total revenues, up from an existing 3 to 4 per cent. Qatar Investment Authority and Kuwait Investment Authority, two Gulf sovereign wealth funds, own shares in ICBC worth $206 million and $720 million respectively, according to the statement. ICBC has also now received approval from the Chinese Banking Regulatory Commission to take a 20 per cent stake in South Africa's biggest lender, Standard Bank Group, in a deal worth $5.46 billion. "The deal has already been approved by shareholders of both banks along with regulators in South Africa," a statement said. Standard Bank, headquartered in Johannesburg, operates in 38 countries and has assets of $119 billion. Chinese banks are growing rapidly amid an export-fuelled economic boom and are expanding abroad to serve Chinese clients in foreign markets and to win international business. China Construction Bank, the country's second-largest lender, said last week that it had gained approval for a branch in Ho Chi Minh, Vietnam, and has also set up a representative office in Sydney. ICBC said in a statement from its 2008 work conference that 2007 net profit rose over 60 per cent. Revenue from wealth management products rose 150 per cent to CNY1.1 trillion ($0.15 trillion). Assets under custody rose to CNY1.316 trillion at the end of 2007, from CNY1.0868 billion at end-August. ICBC said it would further explore the personal finance market and develop intermediary businesses, considered key tasks in 2008, from which new revenue streams will emerge. ICBC is scheduled to release audited 2007 results on 25 March.