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The Industrial and Commercial Bank of China (ICBC) has signed an agreement with Indonesian lender Bank Halim to acquire a 90 percent stake in the latter, according to a release on the ICBC's website.

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The release said the remaining 10 percent stake will continue to be held by shareholders of Bank Halim, but the ICBC has the option to buy it in three years.

This is the first time for the ICBC to take over a foreign bank, and is also the first time for the bank to enter an overseas market via acquisition, which would produce valuable experience for the bank to expand in the international financial market, said the release.

The two banks have to wait for permission from their respective regulatory authorities before they can finalize the deal, according to the release.

On October 27, the ICBC was listed on the Hong Kong and Shanghai bourses simultaneously, registering the biggest ever initial public offering in the world by raising 21.9 billion U.S. dollars.

By June 30, 2006, the ICBC had set up 98 branches in major international financial centers. The bank's total assets have exceeded seven trillion yuan (897.4 billion U.S. dollars), with over 2.5 million corporate and 150 million individual clients.

Bank Halim had 50 million dollars of assets by the end of 2005, with a capital adequacy rate of 57.88 percent and a non-performing loan rate of 1.32 percent, according to the release.

(For more biz stories, please visit Industry Updates)