China's largest bank plans to open its first US branch

China's biggest bank, state-owned Industrial and Commercial Bank of China (ICBC, 中國工商銀行), plans to open its first US branch as part of a global expansion, a state news agency quoted its chairman as saying yesterday.

"Preparations have been going on smoothly. We hope to receive approval from American authorities as early as possible," said ICBC chairman Jiang Jianqing (姜建清), according to Xinhua news agency. The report gave no details of the US expansion.

Jiang said ICBC also plans to open a branch next month in Russia, take over a bank in Sydney, Australia, and open branches in the Middle East in Dubai and Qatar, Xinhua reported. The report said he gave no details of those plans.

The bank made its first acquisition last year, buying Indonesia's Bank Halim.