IN BRIEF (Page 10)

ABC spreads wings

Agricultural Bank of China (ABC) has begun the process of setting up branches in New York and London, as it wants to build a global trading system focusing on commodities, Reuters reported on Friday, citing an unnamed source.

ABC, one of China's four biggest State lenders, has hired consultants and lawyers to prepare applications for branch licenses in the US and Britain. It expects to complete the branch establishment before it goes public.