ICBC

Founded in 1984, Industrial and Commercial Bank of China (ICBC) is the largest bank in the world by profit and market capitalisation as of 2012. It 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.

ICBC whips out wallet as Taiwan rules ease

Zhang Jianguo, president of China Construction Bank

Taiwan's SinoPac Financial Holdings will sell 20 per cent of its banking unit to Industrial and Commercial Bank of China (ICBC), it said yesterday. SinoPac will issue 1.8 billion shares to ICBC in a private placement, making ICBC a strategic investor in the Taiwanese lender.

Wednesday, 3 April, 2013, 3:28am

Outgunning the West

ICBC, the world's most profitable lender, saw net income grow 15 per cent last year, with a return on equity of 23 per cent. Photo: Reuters

Mainland China's largest banks capped a sixth year of record profits by posting a 21 per cent average return on equity (ROE), more than twice the rate earned by US and European competitors led by JP Morgan Chase.

29 Mar 2013 - 5:25am

Goldman Sachs raises US$1b in ICBC share sale

ICBC shares dropped 2.2 per cent after US bank Goldman Sachs sold down its stake again in the mainland lender. Photo: Bloomberg

Goldman Sachs has further reduced its stake in Industrial and Commercial Bank of China, raising about US$1 billion from the sale of its Hong Kong-listed shares, two people with direct knowledge of the deal said.

30 Jan 2013 - 4:52am

Profit-taking likely as Hang Seng Index hits 21-month high

Goldman Sachs is hoping to raise about US$1 billion by selling a stake in ICBC at HK$5.77 a share. Photo: Bloomberg

The risk of a short-term correction may be rising for the Hang Seng Index after it hit a 21-month high yesterday, as investors look to book short-term profits.

29 Jan 2013 - 5:25am

Business Digest, January 16, 2013

Container volume falls for first time in 3 years

Morgan Stanley job cuts in Asia to hit 15pc

Morgan Stanley plans to trim about 15 per cent of its investment banking positions in Asia, higher than the global average of 6 per cent, as it starts a round of job cuts this week, two people with knowledge of the matter sais. They said Asian managing directors Saul Raccah and Leon Guo were among those who would leave. Bloomberg

16 Jan 2013 - 3:41am

America supplants China in rank of biggest firms by stock market

The world’s number one technology company, Apple, is spearheading a rebound by US companies as they claw back ground. US companies now account for 171 of the top 500 of the world’s biggest stocks. Photo: AFP

American companies are supplanting China from the world’s 500 biggest stocks faster than at any time in the past decade, as an improving US economy and investor confidence in free markets overcomes the lure of equities offering twice the profit growth.

8 May 2015 - 9:46am

ICBC expands in Middle East

Photo: Xinhua

ICBC is easily China's most outward-looking bank...

15 Nov 2012 - 1:29pm

Market Open: Hong Kong stocks seen lower on China pessimism

Hong Kong stocks are tipped to open lower, with investors less hopeful of any monetary easing by Chinese policy makers  before the Communist Party's crucial 18th Congress, scheduled to start in Beijing on November 8.

7 May 2015 - 3:28pm

Market Open:Hong Kong stocks seen higher as Huijin continues purchasing stake

Hong Kong stocks are expected to open higher, boosted by financial players as China's state-run investment arm increases its holdings in Chinese banks to shore up investor confidence in the onshore market.

10 Oct 2012 - 8:36am

ICBC beats earnings estimates thanks to lower provisions in second quarter

Assets stable at ICBC.

Industrial and Commercial Bank of China beat analysts' first-half earnings estimates, mainly on the back of lower provisions for bad debt in the second quarter.

The world's biggest bank by market value said yesterday that its net profit rose 12.5 per cent to 123.24 billion yuan (HK$150.76 billion). The bank was the last of the big mainland lenders to report its earnings.

31 Aug 2012 - 3:18am

Goldman Sachs sells US$2.5b stake in ICBC

Goldman Sachs' move to sell shares of Industrial and Commercial Bank of China to Singaporean sovereign wealth fund Temasek yesterday could be followed by gradual divestment of its remaining stake worth about US$3 billion in the coming years, analysts say.

17 Apr 2012 - 12:00am

ICBC net rises 27.6pc to meet market target

Industrial and Commercial Bank of China, the world's largest bank in terms of market capitalisation, reported net profit rose 27.6 per cent year on year in the third quarter, thanks to strong growth in net interest income and higher fees earned from an expanded investment bank and wealth management business.

28 Oct 2011 - 12:00am

ICBC pair jailed for accepting client's gift

Two former executives of ICBC's Hong Kong unit who took HK$5.8 million in cash and gifts of fine wine and a luxury watch from a client seeking more than HK$2 billion in loans were jailed yesterday.

25 Aug 2011 - 12:00am

Bad-loan fears spark share price slump in banks

August has been a bleak month for investors in the mainland's four biggest banks. Shares in the largest lender, ICBC, nosedived to a 52-week low yesterday. And the mainland's other 'big four' lenders - Agricultural Bank of China, Bank of China and China Construction Bank - have also slumped on fears they will be forced into emergency fund-raisings.

23 Aug 2011 - 12:00am

ICBC boosts headcount for retail banking

In line with the expansion of the retail banking sector, the Industrial and Commercial Bank of China (Asia) plans to recruit some 140 professionals and fresh graduates this year. Ying Wei-yun, assistant general manager of ICBC's flagship banking business in Hong Kong, shares their strategies for training young talent.

24 Jun 2011 - 12:00am