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ICBC says applied to open Malaysia branches

Thu Nov 12, 2009 9:10pm EST

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SINGAPORE, Nov 13 (Reuters) - Industrial & Commercial Bank of China (ICBC) (1398.HK) has applied to open branches in Malaysia as part of its expansion into Southeast Asia, Chairman Jiang Jianqing said on Friday.

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ICBC, the world's most valuable bank, has already got the green light from Chinese regulators and is awaiting permission from Malaysia.

Jiang also said ICBC expects to complete its purchase of Thailand's ACL Bank ACL.BK by early next year.

ICBC in September bought a 19.26 percent stake in Thailand's ACL Bank and said it planned to make an offer for ACL's remaining shares in a deal worth around $545 million. [ID:nHKG211084]

(Reporting by Kevin Lim and Lucy Hornby; Editing by Neil Chatterjee)

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