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China Agbank plans New York, London branches -sources

Thu May 28, 2009 11:12pm EDT

HONG KONG/LONDON, May 29 (Reuters) - Agricultural Bank of China has begun the process to set up branches in New York and London as it wants to build a global trading system focusing on commodities, sources told Reuters on Friday.

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Agbank, one of the country's four biggest state lenders, has hired consultants and lawyers to prepare applications for branch licences in the United States and Britain, said the sources with direct knowledge of the plan.

Agbank plans to complete the branch establishments before it goes public, said the sources, adding an initial public offering of shares for Agbank was unlikely to take place this year.

Agbank was not immediately available for comment. (Reporting by George Chen in Hong Kong and Daisy Ku in London)

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