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Dispatches: ICBC plans Middle East expansion

Industrial & Commercial Bank of China, the country’s largest bank by assets, plans to open more branches in the Middle East and would consider acquisitions there to capitalise on China’s booming investment in the region. (Wall Street Journal)

Hong Kong’s market regulator has fined two Merrill Lynch subsidiaries US$450k for “systems and controls failings” after a managing director mismarked a trading book of illiquid securities. (Financial Times)

Several Middle Eastern sovereign wealth funds are holding talks with the Agricultural Bank of China about investing in its initial public offering in Shanghai and Hong Kong this year. (Shanghai Daily)

Nikko Cordial Securities Inc. hired Kenichiro Yoshida, the No. 2 analyst for Japanese trading companies, to bolster its research for corporate clients. (Bloomberg)

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