Try this:
git init
git fetch url-to-repo branchname:refs/remotes/origin/branchname
EDIT
A better solution:
git clone -b mybranch --single-branch git://sub.domain.com/repo.git
Try this:
git init
git fetch url-to-repo branchname:refs/remotes/origin/branchname
EDIT
A better solution:
git clone -b mybranch --single-branch git://sub.domain.com/repo.git