The Industrial and Commercial Bank of China (ICBC), one of the largest commercial banks in the world, expanded its presence in Latin America by launching operations in Panama on Friday.

The new branch of the Chinese bank is the first of its kind in Panama, a country that established diplomatic relations with China in 2017, with a general license granted by the Superintendency of Banks of Panama, the ICBC said in a statement.

In the region, the ICBC also has branches in Mexico, Argentina, Brazil and Peru.

The expansion is "the result of fruitful cooperation between both countries in the financial sector," within the framework of diplomatic relations, "with economic and trade ties in constant development," the bank added.

Expanding the bank's network in the region will increase its capacity to provide financial services in this part of the world, and support economic cooperation and bilateral trade exchanges, the ICBC said.

The ICBC has 426 branches in 49 foreign countries and regions, offering global financial services in leading international financial centers and countries with which China has trade ties, the statement added. 

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