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Industrial and Commercial Bank of China (ICBC)

An ICBC branch in Chengdu. Photo: Bloomberg

China weighs injecting US$142 billion of capital into top banks

Funding for the first such intervention since the 2008 financial crisis would mainly come from new special sovereign bonds, sources say.

Will new policy encourage Chinese banks to invest in struggling start-ups?

State-owned banks face thinner margins amid Beijing’s call to support economy

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Saudi Arabia wealth fund signs US$50 billion deals with 6 Chinese institutions

Agreements with top financial institutions including BOC, CCB and ICBC aim to promote two-way capital flows through both debt and equity, Public Investment Fund says.

PIF has signed six memorandums of understanding (MoUs) worth up to $50 billion with leading Chinese financial institutions. Photo: PIF

Exclusive | Wealth Management Connect revamp sent investment skyrocketing, says ICBC

Improvements to the Wealth Management Connect scheme in February have proven to be a game-changer, with investment via the cross-border trading channel quadrupling between January and April, according to government data and ICBC.

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Chinese banks could improve their bottom lines with AI adoption, experts say

AI could lift Chinese banks’ fee-based income to as much as 40 per cent from 30 per cent currently, Asian Banker founder Emmanuel Daniel says.

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Singapore’s sovereign wealth fund trims stake in China’s biggest lender ICBC

Temasek Holdings, Singapore’s sovereign wealth fund, cut its stake in the Industrial and Commercial Bank of China (ICBC) twice in one day last week, reducing its share of the lender to less than 5 per cent.

The state investor reported a 5.2 per cent drop in its net portfolio value to US$283.4 billion in the financial year ended March 2023. Photo: Shutterstock

China’s banks to sell US$60 billion of loss-absorbing bonds to meet PBOC’s norms

ICBC and BOC line up issuance plans for 60 billion yuan worth of total loss-absorbing capacity (TLAC) bonds as Chinese G-SIBs (global systemically important banks) are expected to sell 440 billion yuan of these newly introduced bonds.

China’s ICBC, Agricultural Bank post profit drops on margin squeeze

The government may press state banks to continue cutting lending rates, further eroding their margins, analyst says.

Fitch cuts outlook for China’s state-owned banks from stable to negative

The move by Fitch Ratings comes a week after it cut its projection for the country’s sovereign credit rating, reflecting pessimism in the world’s second largest economy and concerns over Beijing’s capacity to support its biggest lenders.

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Fitch said the current size of China’s banking system limits the amount of support the central government could give to its biggest lenders. Photo: Reuters

Bocom posts slight rise in profits and points to improving asset quality

Bocom paints resilient picture for year ahead despite posting slower profit growth and warning about challenges from property sector.

Bocom delivered a relatively upbeat outlook despite posting slow earnings growth. Photo: Reuters

China Vanke gets US$194 million loan from Industrial Bank in temporary relief

A loan for China Vanke, one of China’s largest developers, could provide temporary relief to a sector rocked by defaults and by a court order for the liquidation of China Evergrande Group, the world’s most indebted developer.

Exclusive | ICBC Asia to combat fraud by doubling down on AI amid rise in scams

ICBC Asia, the Hong Kong unit of Industrial and Commercial Bank of China, the country’s largest lender, will continue to use technology such as artificial intelligence to prevent and investigate fraud.

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China’s Year of the Dragon banknotes, coins set to profit resellers on Taobao

Some of the 3.2 billion yuan (US$450 million) worth of commemorative coins and banknotes issued by China’s central bank may deliver handsome profits for resellers on popular local e-commerce platforms.

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The People’s Bank of China unveiled a set of special gold, silver and copper alloy coins in December, alongside a 20-yuan banknote, to usher in the year of the dragon. Photo: Weibo

ICBC chairman resigns as Chinese banks’ leadership changes mount

The world’s third-largest lender by market capitalisation has announced a key change at the top, the latest in a slew of leadership reshuffles in the country’s banking sector this year.

The world’s third-largest lender by market capitalisation has announced a key change at the top, the latest in a slew of leadership reshuffles in the country’s banking sector this year. Photo: Bloomberg

US Fed fines Industrial and Commercial Bank of China for bank secrecy lapses

In addition to the US$2.43 million fine, ICBC was hit with a US$30 million penalty in New York.

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‘White House for sale’: Trump earned millions from China, report says

Democrats on oversight committee release findings after multi-year investigation, accusing 2024 Republican front-runner of violating US Constitution.

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China’s biggest banks lower deposit rates for third time to boost profitability

China’s largest state-owned banks are lowering their deposit rates for the third time in 2023, in their latest effort to ease the pressure on their net interest margins and to improve profitability.

A Bank of China branch in Beijing’s central business district. The bank is among lenders cutting deposit rates on some of their products by as much as 25 basis points. Photo: EPA-EFE

China’s property lifeline exposes banks to big losses, job cuts

Major banks may need to set aside US$89 billion next year for bad real estate debt, or 21 per cent of estimated pre-provisions profits, which has lenders weighing lower growth targets and job cuts, bankers say.

ICBC flies top executives to US in race to contain LockBit hack fallout

Officials from ICBC are in the US to limit fallout from the ransomware attack. While they have sought to calm markets, one question remained unanswered: when will the stricken systems start functioning again?

‘Deal closed’: hacking gang says China’s ICBC paid ransom over US breach

The Chinese lender’s US arm was hit by a ransomware attack that disrupted trades in the US Treasury market last week.

ICBC’s US arm was hit by a ransomware attack that disrupted trades in the US Treasury market on November 9. Photo: AP

Australia sees ‘progress’ in restoring port operations after cyberattack

This is the latest in a string of devastating, high-profile cyberattacks globally. Earlier this week, the Industrial and Commercial Bank of China – the world’s biggest lender by assets – was targeted.

A cyberattack limited access to port facilities in Australia. Photo: Bloomberg

ICBC US unit gets funds to pay US$9 billion for trades after ransomware attack

ICBC has pumped funds into its US unit to pay US$9 billion for unsettled trades and has hired a cybersecurity firm after a ransomware attack.

Ransomware attack on ICBC unit disrupts US Treasury market trades

The incident affected some financial services, though the impact seemed to be limited.

How China’s property woes test Beijing’s bottom line of no systemic risks

A Post review of midyear financial reports by 18 ‘systemically important’ banks in China finds that more than two-thirds have higher outstanding non-performing property loans.

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China’s property crisis has seen bad bank loans surge. Photo: Bloomberg

ICBC chosen as bookrunner for Saudi Arabia’s US$11 billion syndicated loan

Industrial and Commercial Bank of China’s role highlights the increasing use of Chinese lenders in the Middle East, as the kingdom plans the biggest financing deal in Europe, the Middle East and Africa this year.

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ICBC, as the Chinese lender is known, has invited other banks to participate in the loan. Photo: Future Publishing via Getty Images

China’s mortgage-rate cut to put profit squeeze on state banks

Banks will cut rates on 16 trillion yuan (US$2.2 trillion) of existing first-home loans, helping households save up to 109 billion yuan in interest, ANZ says. The cut will have a tangible impact on profit margins.

Bank of China, ICBC profit growth tanks as property crisis takes a toll

Both lenders comfortably missed analysts’ estimates for net profit amid a stagnant economic recovery and an escalating property crisis that has dampened creditor confidence, though both reported a slight drop in their non-performing loans ratio.

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Industrial and Commercial Bank of China (ICBC)
Founded in 1984, Industrial and Commercial Bank of China (ICBC) is one of China's 'Big Four' state-owned commercial banks - the other three are Bank of China, Agricultural Bank of China, and China Construction Bank.
last updated:
21 August, 2024
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