The Industrial and Commercial Bank of China has seen a rapid growth in sales from wealth management products. Bank chairman Jiang Jianqing said ICBC's wealth management revenue in 2007 has topped that of savings deposits. He also said that ICBC will seek further opportunities in emerging markets. Bank president, Yang Kaisheng, said ICBC hopes to boost its offshore assets and profits to about 10 per cent of the total from the current 3 per cent. Growth would be achieved through acquisitions and an expanded international branch network. To date, ICBC operates in 13 foreign countries, with a total of 110 branches. ICBC's Moscow branch officially started operations this month and it has secured regulatory approval for further branches in other foreign countries. It has also won approval to set up subsidiaries in New York, Dubai, Doha and Sydney. The bank recently announced an agreement to take a 20 per cent stake in South Africa's Standard Bank Group for $5.46 billion.