BEIJING - The Industrial and Commercial Bank of China (ICBC) on Wednesday said it will continue to cooperate with a Spanish investigation into alleged money laundering in Madrid, following the conditional release of two of its executives based there.

ICBC will also improve the way in which it cooperates with regulators to make its internal control and risk management better, an ICBC spokesperson told Xinhua.

Two executives of the bank's Madrid branch were granted bail by a Spanish court on Tuesday. One remains in custody, the spokesperson said.

Spanish police raided the bank in February.

The spokesperson said the bank took internal control and anti-money laundering very seriously, and its businesses practices were undertaken according to laws and regulations.

ICBC, China's biggest bank by market value, is expanding globally.