BoCom eyes US again

China's Bank of Communications said yesterday it plans to set up a branch in San Francisco, its second outlet in the United States, as part of its overseas expansion.

The country's fifth largest lender has approved the branch's set-up and will submit the application for regulatory approval, the Shanghai-based bank said in a statement to the Shanghai Stock Exchange yesterday.

BoCom also has branches in New York, Hong Kong, Tokyo, Singapore and representative offices in Frankfurt and London.

Chinese banks are expanding overseas to diversify income sources amid stiffer domestic competition.

Earlier this month, Industrial and Commercial Bank of China said the Federal Reserve has given the green light for its first branch in the US. China Merchants Bank in July has the regulatory nod for its New York branch to start.