On a meet and greet with New Zealand media yesterday ANZ's new chief executive, Michael Smith, provided local media with a much favoured quote. In the context of a rather loose prediction that one of the giant (and now partly privatised) Chinese state banks might acquire a big Australian bank Smith said "that's why I want to be on the front foot. I'm going to move before they move on me."In fact news emerged yesterday that one of these banks is already on the move in Australia.Associated Press, picking up material from Xinhua News Agency, reported that Industrial and Commercial Bank of China plans to open its first US branch soon.In addition, ICBC plans to open a branch next month in Russia, "take over a bank in Sydney, Australia", and open branches in the Middle East in Dubai and Qatar, according to Xinhua. ICBC bought Indonesia's Bank Halim last year.The AP report's reference to a take over of a bank in Australia is stronger language that a mere reference to a branch opening used in numerous other reports from banking media in Beijing and following a briefing by ICBC.The report, however, gave no details of those plans, leaving the Australian reference, including a "take over", hanging.This may mean ICBC will buy the business of some departing foreign bank. Any number of European or North American banks, with essentially investment banking activities in Australia, could be changing their mind about their local investment though only the Australian operations of ABN Amro could be said to be on the market.On the other hand the Asian (rather than Australian) operations of ABN Amro may be just the asset Mike Smith aims to buy (assuming Britain's RBS does not want them, an assumption that some are making).