Industrial & Commercial Bank of China (ICBC; 601398.SH, 1398.HK) has applied to set up operations in Brazil, part of an expansion strategy that has seen the world’s biggest bank by market value enter the US and European markets, Bloomberg reported. ICBC will make an initial investment of US$100 million to set up a full-service bank, named ICBC do Brasil Banco Multiplo SA, in Sao Paolo, Brazil’s central bank said in a statement. The announcement coincided with Brazilian President Dilma Rousseff’s visit to China. ICBC had expanded its presence to 28 countries and districts by the end of last year, with overseas businesses generating 3% of its operating income. The bank conducted China’s first takeover of a US retail bank in January, buying 80% of Bank of East Asia’s US unit for US$140 million. Banco Central do Brasil approved Bank of China (601988.SH, 3988.HK) to open a Brazilian branch in February 2009.