The Industrial and Commercial Bank of China (ICBC) has secured the approval of the country's banking regulator to set up a financial leasing company, the lender said yesterday.

The leasing company will be registered in the Binhai New Area of Tianjin, an economic center in North China, with a registered capital of 2 billion yuan, the country's largest bank said.

The leasing company, with the ICBC the sole shareholder, will be one of the largest financial institutions established in the Binhai New Area since the area was announced a national strategic development zone, the bank said.