ICBC nears JV deal with Credit Suisse First Boston

Credit Suisse First Boston and China's largest lender, the Industrial and Commercial Bank of China, are in advanced talks to establish the first asset management venture between a foreign financial firm and a Chinese bank, paving the way for others to follow, the Financial Times reported. A deal between the two companies would give CSFB access to ICBC's more than US$430bn in deposits. If approved, the joint venture would enable CSFB to sell its asset management products through the bank's network of thousands of branches.