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Industrial and Commercial Bank of China (ICBC)i

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.

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  • Bank will use ‘more of machine learning and other AI technologies’ to identify and probe scams, Tony Mak, head of the financial crime compliance department says
  • ICBC Asia has successfully used tech and big data to trace scammers trying to fool its clients
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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 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.

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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 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.

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.

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?

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 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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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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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.

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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The Securities Times, owned by the People’s Daily, pushed back against a report by Goldman Sachs that prompted a sell-off of some of the nation’s major state-backed banks.

Top banks like ICBC and China Construction Bank are offering LGFVs loans with ultra-long maturities and temporary interest relief to prevent a credit crunch amid growing tension in the US$9 trillion debt market.

China’s megabanks are planning at least 40 billion yuan (US$5.8 billion) of bond sales, kicking off a major funding push to comply with global capital requirements by early 2025.

Major banks have reported declining net interest margins, a crucial measure of their profitability, while the struggling property market portends slower growth, if not an outright contraction, in new mortgage applications.

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More than three years after China’s central bank started digital currency trials, adoption in one of the initial test beds, Suzhou, remains lethargic.

ICBC, the world’s largest bank by assets, sees more challenges ahead in staving off the impact of China’s strict zero-Covid measures on its loan quality.

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Chinese banks are likely to face tough times ahead as a slowdown caused by the Covid lockdown will result in more delinquent loans, Jefferies analyst says.

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Chinese state-owned banks are likely to deliver single-digital growth in first-quarter net profits when they report their results on Friday, but the outlook for the rest of the year is less clear.

Twelve Hong Kong banks, including note-issuing lenders HSBC, Standard Chartered and Bank of China (Hong Kong), will suspend all banking services on Saturdays starting this week and the next until further notice.

Chinese banks exited the third quarter with marginal improvement in bad loan ratios. Lending to developers may still become troublesome as Evergrande and distressed peers struggle to repay.

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