The Industrial and Commerce Bank of China (ICBC), Chin's largest lender, will most likely become the first Chinese bank allowed to open a branch in India, as China signed a slew of financial services pacts with India during Premier Wen's three-day visit to the fast-growing country.

In addition to ICBC, other banks have applied for a license to operate in India, but ICBC is considered the most likely to obtain the first license, said an Indian banker who requested anonymity.

"ICBC is the world's biggest bank by market value," said an ICBC staff member. "It has very obvious advantages."

Although the time for the new branch hasn't been set, ICBC has begun to recruit employees who will work for its Mumbai branch as early as March, as part of the groundwork for its first branch in India.

China's business press carried the story above on Friday. China.org.cn has not checked the stories and does not vouch for their accuracy.

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