BEIJING -- The Agricultural Bank of China Ltd -- China's fourth-largest lender -- opened its New York branch Friday.

The move marks a major expansion of its overseas business, the bank said in a statement.

Its main business scope covers corporate deposit, consortium and bilateral loans, trade financing, international and US dollar clearance services in support of China-US economic and trade affairs.

Jiang Chaoliang, chairman of ABC, said the company will push forward its overseas business, and coordinate it with the domestic business.

ABC has been expanding its overseas network and has set up 11 branches in nine countries, according to the statement.