INDUSTRIAL & Commercial Bank of China Ltd, the world's biggest by market value, said it's in talks to buy a stake in Thailand's ACL Bank Pcl, a deal that would add to emerging-market holdings in South Africa and Indonesia.

ICBC Chairman Jiang Jianqing said in an interview in Beijing yesterday that the bank have been in discussions on investing in ACL. "We are waiting for details on the ownership level. Our M&A strategy in smaller banks is to seek control and management," Jiang said.