ICBC gets nod to open branch in Poland

BEIJING - The Industrial and Commercial Bank of China (ICBC) said Friday that it has received approval from Poland's financial regulatory authority to open a branch in the central European country.

ICBC, the country's largest lender, is the first Chinese bank to receive such approval, the bank said in a statement on its website.

China and Poland have strengthened their economic and trade ties in recent years. Bilateral trade climbed 16.7 percent year-on-year to hit $13 billion in 2011, official data showed.

Currently, ICBC has 244 overseas branches in 34 countries and regions, and has expanded its presence in Africa after purchasing 20 percent of South Africa's Standard Bank Group.