Since ICBC was listed in the stock market in 2006, it has conducted a series of mergers and acquisitions, including Indonesia's Bank Halim, Macao's Seng Heng Bank Ltd., South Africa's Standard Bank Group Ltd. and Fortis Group.

Meanwhile, by the end of 2008, ICBC had established 21 overseas branches in 21 nations and regions as well as agent bank cooperation with 1,358 banks from 122 nations and regions.

But ICBC's overseas profits and assets only accounted for about 3 percent and 2.5 percent of its total, respectively, according to Jiang.

Jiang said that in the long term ICBC hopes that both profits and assets of its overseas branches will account for 10 percent of their total.

He said the bank is still seeking opportunities of foreign expansion and it will prefer setting up new branches and acquiring ownership stakes in banks in emerging markets instead of conducting financial acquisitions.

Emerging markets will continue to be the bank's main acquisition target, because ICBC's management experience and corporate culture are easier to adapt to them, he said.

ICBC has set three strict standards for its overseas merger and acquisition activities. First, it looks at whether its clients will develop more businesses in the future in the target merger area; second, whether it is capable of managing well after the acquisition; and third, whether the corporate cultures of both sides can be blended well.

Currently, China's neighboring countries and Southeast Asia will be the focus of ICBC's overseas expansion, Jiang said. At the same time, the bank is also working on obtaining an operating license in the United Arab Emirates. It is also looking for opportunities in Latin America.