China Construction Bank Corp wants to acquire a private bank in Europe as part of its global expansion, according to China Business News, citing an executive at the second-largest Chinese bank by assets.

Zhu Xiaohuang, a vice president at CCBC, reportedly said it is a good time to buy assets in Europe because some banks there are planning to sell their private banking units amid the eurozone debt crisis.

The state-run Chinese bank has been in talks with a couple of European banks on the issue, Zhu told the paper in an interview. The report didn't give details, such as potential targets and the size of the investment.

China’s large foreign exchange reserves and the country’s rapid economic ascent – and fast-growing middle class – have already fuelled its domestic wealth management business. As for overseas activities, however, there has not been a great wave of bank purchases in the West, although there are examples. Bank of China, a state-owned bank, has been stepping up its private wealth operations in Switzerland. It won regulatory clearance to set up a Swiss private banking operation in November 2008.

The newspaper interview with CCBC’s Zhu also said the bank plans to add at least 600 outlets in China this year. It currently has a network of 13,600 outlets across the country, according to the report.