China Merchants Bank Co will open representative offices in London and Taipei to bolster its overseas presence, the bank said on Tuesday.

The Shenzhen-based institution will begin preparation work this year.

The country's sixth largest bank has also decided to acquire a 60.5-percent stake in Tibet Trust & Investment Co to fortify its overall financial structure. The bank will name some senior managers and directors to the trust firm soon, it said in a statement to the Shanghai Stock Exchange.

The bank, which is renowned for its innovations with consumer products like credit cards, is now building its international network to tap profit options overseas.

In July, the bank acquired a regulatory license to set up its New York branch. It plans to start operations this year.

It became the first Chinese bank to receive a banking license in the United States since the adoption of the Foreign Bank Supervision Enhancement Act of 1991. The bank also has a branch in Hong Kong.

In June, the bank made its first overseas takeover, buying 53.1 percent in Hong Kong's Wing Lung Bank Ltd for HK$19.3 billion (US$2.5 billion).

It ended at 21.89 yuan (US$3.19) in Shanghai on Tuesday, up 3.21 percent, while the key index rose 1.06 percent to 2,344.47.