Industrial and Commercial Bank of China Ltd. (ICBC), the country's largest bank in terms of assets, has established "strategic" ties with Goldman Sachs in a move to help build itself into a modern, sophisticated banking giant.

A special team has been set up to cooperate in different areas such as risk management, assets management, investment banking and training, ICBC said in a statement.

"ICBC's pursuit of overseas investors is not only for capital but also for international expertise and technology to boost its corporate management," said Jiang Jianqing, chairman of ICBC.