First Bank and ICBC join forces

ICBC is the fourth Chinese bank with which First Bank had signed an MOU for overseas expansion. 

First Financial signed an agreement with Agricultural Bank of China Ltd. after signing similar pacts with Bank of China Ltd. and Bank of Communications Co. late last year.

Taiwan's First Financial Holding Co. said its First Bank unit would signed a memorandum of understanding with Industrial & Commercial Bank of China Ltd. on Thursday as it continues its expansion outside its saturated home market, according to a report in The Wall Street Journal.

First Bank also plans to sign a pact with China Construction Bank Corp., company spokeswoman Hong Hsin-shih said. She didn't elaborate.

In March, First Financial signed an agreement with Agricultural Bank of China Ltd. after signing similar pacts with Bank of China Ltd. and Bank of Communications Co. late last year.