Agricultural Bank of China, the weakest of the country's big four commercial banks, has set up an investment banking department, state media reported Tuesday.

"Investment banking operations will help the bank explore new development opportunities in the high-end market," Shanghai Securities News reported, citing Xiang Junbo, the lender's chairman.

All of the other three major state banks -- Industrial and Commercial Bank of China (stock code:601398), China Construction Bank and Bank of China  (stock code:601988) have investment banking operations.

China has yet to announce a detailed framework to overhaul the debt-ridden bank, which posted a nonperforming loan ratio of 23.44 percent at the end of 2006.

But state media has reported the bank is likely to receive bail-out funds of 40 billion dollars from Central Huijin Investment Corp, the domestic investment arm of China's state foreign exchange investment agency.

Xie Ping, general manager of Central Huijin, said Monday the restructuring plan was nearly completed and is expected to be announced soon.