Industrial and Commercial Bank of China (ICBC) said the branch, which opened its doors on Wednesday, will mainly offer banking services including lending and financing, and taking wholesale deposits.

ICBC acknowledged in a statement that the global financial crisis was still spreading, but said it hoped to tap business opportunities in trade and investment between China and the United States, particularly growing demand for financial services from Chinese firms going abroad.

'The exceptional timing to open ICBC's New York branch reflects our confidence on the outlook of the US economy,' Mr Jiang Jianqing, chairman of the bank said in the statement.

Earlier this month, the smaller China Merchants Bank also opened a branch in New York, its first outside mainland China and Hong Kong. -- AFP