Industrial & Commercial Bank of China (ICBC), the country's largest bank, said on Tuesday it had won approval from Australian financial regulators to establish a branch in Sydney.

The new branch is part of a broad international expansion by ICBC, which has said it wants its overseas business eventually to account for 10 percent of total revenues, compared with 3 to 4 percent at present.

Earlier this month, ICBC said it had won approval from the United Arab Emirates to set up a subsidiary in Dubai, and it received permission in February for a Qatar branch. It also plans a branch in Moscow.