It was recently confirmed by Industrial & Commercial Bank of China, the world's largest lender by market value that it has won a banking license from Bank Negara. The bank now mulls to set up a subsidiary bank in Malaysia, which is one of China's most important trading partners in Asia.

Banking operations would be launched by ICBC in Kuala Lumpur and there are speculations that the subsidiary bank will quickly incorporate itself into the local financial market. Furthermore, it will also play a major role in servicing bilateral economic exchanges and trade.

With the opening of this new branch, Malaysia's economic development would also enhance through leveraging the Chinese lender's extensive customer base, capital strength, and network and state-of-the-art technology.

The recent development is the part of ICBC's move to further expand in the region. It was ICBC which became the first foreign bank to acquire a banking license in Malaysia in nine years. Bank of China was able to get a bank permit by Malaysia in the year 2000.

“As of the end of September 2009, ICBC has 155 branches and offices in 15 countries and regions and 1,393 correspondent banks in 125 countries and regions,” said a source.