China's top bank approved to set up Mexico branch

BEIJING - The Industrial and Commercial Bank of China (ICBC), China's largest bank, announced its bank license application has been approved by Mexican authorities on Saturday.

The approval, granted by the Mexican central bank and securities regulator, makes ICBC the first Chinese bank allowed to set up a branch in the country.

The bank did not provide specific details such as when the Mexican branch will be launched.

An ICBC spokesman said the establishment of the Mexican branch is expected to boost economic exchanges and trade between China and Mexico, and contribute to bilateral cooperation in sectors such as energy, trade, projects contracting, and equipment supplies.