The Industrial and Commercial Bank of China (ICBC) said Tuesday the number of its branches and banks in which it holds a lion's share globally has topped 100 amid China's closer integration into the world economy.

The bank -- assets-wise, China's largest -- has so far established correspondent-bank tie-ups with a total of 1,037 banks in 106 countries and regions, it said in a statement.

It rode on deepened economic and financial globalization, enhanced integration of the Chinese and world economies and strengthened the foothold of Chinese enterprises on global market to build itself into a modern, competitive financial enterprise, it said.

Overseas Chinese banking institutions typically provide services -- largely foreign currency-denominated loans -- for Chinese consortia operating overseas.

By the end of June, the ICBC's overseas assets reached 20.9 billion US dollars, which account for 30 percent of its total foreign exchange assets. The bank's overseas business outlets posted a non-performing loan ratio of merely 0.87 percent, a level that competes well with famous overseas banks.

Source: Xinhua