Industrial and Commercial Bank of China (ICBC), the country's largest bank by assets, is planning to issue a U.S. dollar-denominated bond of benchmark size through its Dubai office, sources aware of the matter said.

It would be the second bond issue by ICBC through its office in Dubai's financial free zone, underlining the bank's growing business in the Middle East as trade and investment ties between China and the Gulf expand rapidly.

In May, ICBC raised $500 million through a five-year debut bond after garnering orders in excess of $3.5 billion from investors.

The latest issue, which could be composed of tranches lasting three and five years, may be announced to investors as soon as this month, the sources said on condition of anonymity as the information isn't public.

ICBC did not respond to emails to its Dubai office seeking comment. Benchmark size is usually taken to mean in excess of $500 million.