Industrial and Commercial Bank of China (ICBC) has signed an agreement to buy a 90 percent stake in PT Bank Halim Indonesia.

ICBC raised US$19 billion in the world’s largest IPO in October and later lifted the amount to over US$21 billion by exercising an over-allotment option. By June 30, 2006, ICBC had set up 98 branch offices abroad. The Halim’s deal will be its first overseas acquisition. By the end of 2005, Halim Bank had total assets of $50 million, with a capital adequacy ratio of 57.88 percent. ( Yahoo News )

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