Industrial & Commercial Bank of China has now planned to open a branch in Brazil, extending its reach to Latin America's largest economy, following expansions in Europe and the U.S.
Brazil's central bank said ICBC intends to set up a full-service bank in Sao Paulo with initial capital of $100 million US dollars.
ICBC is seeking Brazil's central bank's approval to become the second Chinese lender to establish operations, after Bank of China received authorization to open a branch in Brazil in February 2009.
Eaerlier this year, ICBC agreed to buy 80 percent of Bank of East Asia's U.S. unit for $140 million US dollars in January, the first Chinese takeover of a U.S. retail bank.
It also added branches in Paris, Brussels, Amsterdam, Milan and Madrid the same month.
