ICBC plans to open a subsidiary bank in U.S.

Industrial and Commercial Bank of China (ICBC)<601398><1398>, the nation's largest commercial bank, plans to open a subsidiary in the U.S., said the bank's Board Chairman Jiang Jianqing, also a delegate in the ongoing 17th National Congress of the Communist Party of China today.

The new branch in the U.S. will be part of ICBC's global strategy, which involves other countries like Russia, Australia and the Middle East. ICBC is going to open a branch in Russia next month, two new branches in Dubai and Doha and overtake a bank in Sydney, according to Jiang. However, investment details have not been released by the company.

In its latest overseas expansion, ICBC is in talk with Macau's Seng Heng Bank, the second largest local bank in the region, to acquire 80% stakes of the bank at US$585 million. Seng Heng Bank currently owns 9 branches in Macau.

Apart from its global expansion, ICBC has undertaken several endeavors at home. Last month, China's banking regulator granted an approval for the bank to build a US$266 million leasing company in Binhai New Area of Tianjin.

ICBC is currently operating 16,807 domestic outlets and 98 overseas branches and representative offices. It has 1,326 correspondent banks worldwide.