Industrial & Commercial Bank of China, China's largest lender, is venturing into the broker-dealer business in the US, one of the most telling new signs of the rise of Chinese financial institutions in the world economy.

ICBC paid $1 to take over over the Prime Dealer Services unit of Fortis Securities, controlled by France's BNP Paribas, said people familiar with the matter. The Fortis operation is a small one, with just 75 existing customers, but ICBC hopes to use it as a base to potentially expand its underwriting of securities in the US market, the people said.