Industrial & Commercial Bank of China Ltd. obtained approval from the Bangko Sentral ng Pilipinas to set up a branch in Manila, BusinessWorld reported Feb. 19, citing "a source familiar with the matter."

The move has not been announced in the Philippines as the lender has yet to make a disclosure to the Chinese and Hong Kong bourses where it is listed, the report said.

ICBC is the first Chinese and 12th foreign bank to receive regulatory approval to operate in the Southeast Asian country since the banking industry was fully opened to foreign players in 2014.