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Prince Alwaleed Receives President of Chinese Commercial & Industrial Bank (ICBC) Largest Bank in the World

October 11, 2011

HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC), received at his office on Saturday 8th of October 2011 a delegation from the Industrial and Commercial Bank of China (ICBC) the largest bank in the world. The delegation was led by Mr. Kaisheng Yang, President of ICBC, Mr. Wu Bin Head of the International Banking Department and included His Excellency Mr. Yang Honglin, Ambassador Extraordinary and Plenipotentiary of People`s Republic of China to Saudi Arabia and Mr. Li Ying Deputy CEO (ICBC). The meeting was also attended by Eng. Ahmed Halawani, KHC Executive Director for Private Equity and International Investments, Mr. Shadi Sanbar, KHC’s CFO, Ms. Nada Al Sugair, Executive Director, Finance and Administration, Ms. Heba Fatani, Senior Executive Manager, Corporate Communications, and Dr. Nahla Alanbar, Private Executive Assistant to HRH the Chairman.

During the meeting, Prince Alwaleed and the delegation discussed investment and economic issues, and the bi-lateral relations between their respective countries. Mr.Yang discussed ways in which Saudi-Chinese economic relations could be further strengthened. Furthermore, Mr. Yang commended Prince Alwaleed on his efforts in playing a vital role in economic and social development, and referred to HRH`s local, regional and international investments. The two also discussed Prince Alwaleed`s investments in China which include banking and hotels. Prince Alwaleed has presence in China through Citibank with assets of $8 billion and 4000 employees. Citibank had also invested $3 billion in Guondong Bank for a 20% stake and Citibank has the management contract too. Citibank has also invested in Pudong Bank 3.76% which has $80 billion in assets, 13,000 employees in 370 branches in 23 cities. The presence of Citigroup through Guandong and Pudong is in 20 out of China’s 29 provinces. HRH also made $2 Billion investment in the Bank of China IPO through Al-Azizia Investment Company. Moreover, HRH’s investment in the entertainment sector in China includes Disneyland Hong Kong and, in the hotel sector, with 4 Four Seasons Hotels and Raffles Beijing Hotel.

In April 2006, Prince Alwaleed had met with the Chinese President Hu Jintao at the Royal Guest Palace in Riyadh during his official visit to Saudi Arabia.