https://www.scmp.com/rss/209488/feed 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. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Enoch Yiu Enoch Yiu Gold bars, cruises, Dior beauty services and Rosewood Hong Kong vouchers are just some of the incentives Hong Kong’s major lenders are offering in hopes of capturing wealthy clients, as visitors from mainland China descend on the city during the golden week holiday starting on Friday. HSBC, Standard Chartered and Bank of China (Hong Kong) – the city’s three biggest banks – Citigroup, DBS Hong Kong, ICBC Asia, Bank of East Asia and Hang Seng Bank have all extended the hours of certain branches on... https://www.scmp.com/business/banking-finance/article/3352097/gold-cruises-and-dior-how-hong-kong-lenders-are-enticing-wealthy-mainland-china-visitors?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3352097/gold-cruises-and-dior-how-hong-kong-lenders-are-enticing-wealthy-mainland-china-visitors?utm_source=rss_feed Fri, 01 May 2026 05:30:07 +0000 SCMP Editorial SCMP Editorial Sustainability is as vital as creativity when it comes to fostering a world-class arts hub. With plans for a US$1 billion bond programme and a fresh HK$3 billion (US$383.9 million) 10-year loan facility, Hong Kong’s West Kowloon Cultural District Authority has eased its immediate cash flow pressures and averted cutbacks in cultural offerings. It is important that the financial breathing space be used not merely to survive, but to achieve its vision as a global brand rooted in the city’s... https://www.scmp.com/opinion/comment/article/3344107/hong-kongs-west-kowloon-arts-hub-must-use-financial-reprieve-wisely?utm_source=rss_feed https://www.scmp.com/opinion/comment/article/3344107/hong-kongs-west-kowloon-arts-hub-must-use-financial-reprieve-wisely?utm_source=rss_feed Sat, 21 Feb 2026 23:15:08 +0000 Denise Tsang Denise Tsang The authority managing Hong Kong’s West Kowloon arts hub has averted a funding crisis after securing a longer-than-usual 10-year loan facility of HK$3 billion, which comes in addition to a US$1 billion (US$383.8 million) bond sale programme announced earlier. The financing would provide a much-needed lifeline to the West Kowloon Cultural District Authority in the coming decade before its residential property development could start to generate income, board chairman Bernard Chan said on... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3343531/hong-kongs-west-kowloon-arts-hub-secures-hk3-billion-10-year-loan-facility?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3343531/hong-kongs-west-kowloon-arts-hub-secures-hk3-billion-10-year-loan-facility?utm_source=rss_feed Fri, 13 Feb 2026 12:56:20 +0000 Cao Li Cao Li The use of technology in trade finance is advancing from digitising existing paperwork to re-engineering entire processes with artificial intelligence and shared data, according to bank executives at the Development & Innovation of AI for Digital Finance forum on Monday in Hong Kong. “When we are talking about digitalisation, we are actually making the current process digital,” said Raluca Popa, head of global trade solutions, commercial banking, Hong Kong, HSBC. “The future will require a... https://www.scmp.com/business/article/3341285/digital-finance-forum-ai-data-must-link-digital-islands-smooth-trade-finance?utm_source=rss_feed https://www.scmp.com/business/article/3341285/digital-finance-forum-ai-data-must-link-digital-islands-smooth-trade-finance?utm_source=rss_feed Mon, 26 Jan 2026 11:46:29 +0000 Iris Deng Iris Deng Hong Kong and Shenzhen are establishing a white list for data transfers as part of an overarching effort to forge closer cross-border ties, which policymakers and business leaders see as essential to unlocking opportunities in artificial intelligence and fintech in the region. “If you have a white list to facilitate the movement of sensitive data, biological data and samples between Hong Kong and [mainland] China, it would ensure trust between [parties sending and receiving information] because... https://www.scmp.com/business/banking-finance/article/3340022/hong-kong-shenzhen-push-secure-data-corridor-unlock-ai-and-fintech-opportunities?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3340022/hong-kong-shenzhen-push-secure-data-corridor-unlock-ai-and-fintech-opportunities?utm_source=rss_feed Thu, 15 Jan 2026 10:00:49 +0000 Xinmei Shen Xinmei Shen Ant Group affiliate OceanBase has unveiled plans to strengthen its presence in Hong Kong, using the city as a base for overseas expansion to grow its share in the global database market dominated by US technology giant Oracle. The Chinese distributed database provider had designated Hong Kong as a “strategic hub” for its global expansion, following rapid growth in the city, as well as in Macau and the mainland, CEO Evan Yang said on Thursday. The move further solidified Hong Kong’s role as a hub... https://www.scmp.com/tech/big-tech/article/3331779/ant-group-affiliate-oceanbase-uses-hong-kong-hub-challenge-oracle?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3331779/ant-group-affiliate-oceanbase-uses-hong-kong-hub-challenge-oracle?utm_source=rss_feed Thu, 06 Nov 2025 09:00:30 +0000 Enoch Yiu Enoch Yiu When Hong Kong businessman Sunny Yip Yuk-chik heard about a new scheme that would make it easier and cheaper to borrow Chinese yuan, he immediately called his staff on the Chinese mainland with the news. Earlier this month, the Hong Kong Monetary Authority (HKMA) launched a 100 billion yuan (US$14 billion) Renminbi Business Facility (RBF) that would enable business owners like Yip to borrow yuan from Hong Kong banks for up to 12 months at the onshore yuan interest rate, easing trade... https://www.scmp.com/business/banking-finance/article/3329388/how-hong-kong-building-ecosystem-solidify-its-role-offshore-yuan-hub?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3329388/how-hong-kong-building-ecosystem-solidify-its-role-offshore-yuan-hub?utm_source=rss_feed Sat, 18 Oct 2025 01:00:14 +0000 Enoch Yiu Enoch Yiu Prime views of the fireworks, a reception with Hong Kong actor Tony Leung Chiu-wai, lucky draws and investment seminars were some of the incentives Hong Kong banks were rolling out to attract wealthy mainland customers during the golden week holiday, which kicked off on Wednesday. Hong Kong authorities have estimated that as many as 1.54 million mainland visitors, including 1,200 tour groups, would cross the border during the eight-day “golden week” holiday, which coincides with China’s National... https://www.scmp.com/business/banking-finance/article/3327533/hong-kong-banks-woo-wealthy-mainland-golden-week-tourists-tony-leung-fireworks?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3327533/hong-kong-banks-woo-wealthy-mainland-golden-week-tourists-tony-leung-fireworks?utm_source=rss_feed Thu, 02 Oct 2025 00:30:10 +0000 Cao Li Cao Li China’s banks are edging towards their “Japanification moment”, as years of yielding margins to support the economy have “left the system thin on profitability and more exposed to credit shocks”, according to a new report by S&P Global Ratings. Japanification is characterised by a prolonged period of low growth and weak profitability, similar to the state of Japan's economy after the country's asset bubble burst in the early 1990s. While other banking systems had weathered ultra-low rates by... https://www.scmp.com/business/banking-finance/article/3326841/chinas-banks-face-their-japanification-moment-sp-report-warns?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3326841/chinas-banks-face-their-japanification-moment-sp-report-warns?utm_source=rss_feed Thu, 25 Sep 2025 09:30:12 +0000 Cao Li Cao Li China’s top banks face continued pressure, as a slowing economy, lower interest rates and weak loan demand weighed on first-half earnings. Net profit at Industrial and Commercial Bank of China (ICBC), the world’s largest bank by assets, fell 1.4 per cent in the first half from a year earlier to 168.1 billion yuan (US$23.5 billion), according to its interim results announced on Friday after the market closed. Its net interest margin (NIM), a key indicator of a bank’s profitability, fell to 1.3... https://www.scmp.com/business/china-business/article/3323686/profitability-pressure-grows-chinas-state-banks-amid-low-rates-poor-loan-demand?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3323686/profitability-pressure-grows-chinas-state-banks-amid-low-rates-poor-loan-demand?utm_source=rss_feed Fri, 29 Aug 2025 11:23:28 +0000 Ann Cao Ann Cao Alibaba Group Holding and Standard Chartered have entered a deal in which the Chinese technology giant’s artificial intelligence systems would be deployed across the operations of the British multinational bank. The two companies signed a memorandum of understanding that would see Standard Chartered leverage solutions from Alibaba Cloud – the Hangzhou-based firm’s AI and cloud computing services arm – to enhance operational efficiency and elevate customer experience, according to a statement on... https://www.scmp.com/tech/big-tech/article/3320031/alibaba-standard-chartered-partner-accelerate-ai-adoption-banking-sector?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3320031/alibaba-standard-chartered-partner-accelerate-ai-adoption-banking-sector?utm_source=rss_feed Tue, 29 Jul 2025 13:30:11 +0000 Zhang Shidong Zhang Shidong The Hong Kong shares of dual-listed Chinese companies are trading at the smallest discount to their onshore peers in nearly five years, as a weaker US dollar spurs inflows and mainland investors snap up these stocks. The H shares of 160 firms, including Industrial and Commercial Bank of China and BYD, are trading 22 per cent below their mainland-listed A shares, according to a Hang Seng gauge tracking the disparity between the two markets. That marked the smallest gap since June 2020, as trading... https://www.scmp.com/business/china-business/article/3318254/chinese-firms-hong-kong-stocks-trade-smallest-discount-onshore-shares-5-years?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3318254/chinese-firms-hong-kong-stocks-trade-smallest-discount-onshore-shares-5-years?utm_source=rss_feed Tue, 15 Jul 2025 08:30:15 +0000 Enoch Yiu Enoch Yiu China’s financial authorities have granted Hong Kong residents a new daily remittance quota for the yuan, as a cross-border electronic transactions service prepares to kick off, linking 315 million users between the city and the mainland. Starting from noon on Sunday, the 17 million registered users of Hong Kong’s Faster Payment System (FPS) will be able to remit up to HK$10,000 (US$1,282) per day for each bank account to 298 million users on the mainland’s Internet Banking Payment System (IBPS)... https://www.scmp.com/business/article/3315267/china-grants-hong-kong-new-yuan-quota-payment-connect-kicks-315-million-users?utm_source=rss_feed https://www.scmp.com/business/article/3315267/china-grants-hong-kong-new-yuan-quota-payment-connect-kicks-315-million-users?utm_source=rss_feed Fri, 20 Jun 2025 10:59:20 +0000 Ann Cao Ann Cao Alibaba Group Holding’s cloud and artificial intelligence (AI) unit continued to deliver a strong performance in the fourth quarter of its financial year ended March 31, as the company pushes for the technology’s increased adoption in more traditional industries. The company’s cloud computing and AI unit reported an 18 per cent revenue increase for the March quarter, representing the unit’s fastest growth since 2022, as AI-related sales recorded triple-digit growth for the seventh consecutive... https://www.scmp.com/tech/big-tech/article/3310709/alibaba-cements-ai-leadership-cloud-unit-reports-fastest-growth-2022?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3310709/alibaba-cements-ai-leadership-cloud-unit-reports-fastest-growth-2022?utm_source=rss_feed Fri, 16 May 2025 13:30:08 +0000 Zhang Shidong,Yulu Ao Zhang Shidong,Yulu Ao The pricing of Contemporary Amperex Technology’s (CATL) Hong Kong shares at the top end of the range bodes well for China’s leading companies eyeing a listing in the city, but the richly valued offer price may hurt the stock’s first-day performance due to its smaller-than-average discount to the company’s mainland-traded shares. The Ningde, Fujian province-based maker of lithium-ion batteries that power electric vehicles (EV) is expected to raise HK$35.66 billion (US$4.6 billion) from the sale... https://www.scmp.com/business/china-business/article/3310573/catls-dilemma-top-range-hong-kong-ipo-price-may-take-fizz-out-trading-debut?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3310573/catls-dilemma-top-range-hong-kong-ipo-price-may-take-fizz-out-trading-debut?utm_source=rss_feed Fri, 16 May 2025 04:30:08 +0000 Aileen Chuang Aileen Chuang Hong Kong stocks climbed on Wednesday as positive news from some index heavyweights, including AIA and Xiaomi, offset concerns about weakness in China’s manufacturing sector amid a tariff conflict with the US. The Hang Seng Index rose 0.5 per cent to 22,119.41, the biggest gain in five days. The Hang Seng Tech Index advanced 1.4 per cent. On the mainland, the CSI 300 Index eased 0.1 per cent and the Shanghai Composite Index lost 0.2 per cent. Onshore markets will be closed for the Labour Day... https://www.scmp.com/business/markets/article/3308452/hong-kong-stocks-mirror-contraction-china-pmi-data?utm_source=rss_feed https://www.scmp.com/business/markets/article/3308452/hong-kong-stocks-mirror-contraction-china-pmi-data?utm_source=rss_feed Wed, 30 Apr 2025 02:29:10 +0000 Bloomberg Bloomberg Chinese banks have begun raising consumer loan interest rates just about two weeks after cutting them to record lows, underscoring the challenges of lowering funding costs amid sustained pressure on margins. Lenders including China Merchants Bank and Bank of Jiangsu, which previously engaged in a price war by offering consumer loan rates as low as 2.58 per cent annually, have now adjusted their rates to no less than 3 per cent, according to online advertisements. Major banks such as Industrial... https://www.scmp.com/business/banking-finance/article/3304592/chinese-banks-increase-consumer-loan-rates-record-low-amid-pressure-margins?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3304592/chinese-banks-increase-consumer-loan-rates-record-low-amid-pressure-margins?utm_source=rss_feed Mon, 31 Mar 2025 09:36:52 +0000 Cao Li Cao Li Chinese banks are reporting higher profits and smaller bad debts, helped by the central bank’s flexibility on how lenders provide a cushion for their non-performing loans (NPLs), as well as a capital replenishment plan from the government. All six of China’s state-owned commercial banks posted moderate growth in net profit last year, while their NPL ratios – a key indicator of asset quality and credit risk – declined slightly. Net interest margins (NIMs), which represent the difference between... https://www.scmp.com/business/banking-finance/article/3304329/chinese-state-banks-2024-profits-rise-and-bad-loans-dwindle-even-margins-narrow?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3304329/chinese-state-banks-2024-profits-rise-and-bad-loans-dwindle-even-margins-narrow?utm_source=rss_feed Fri, 28 Mar 2025 10:30:43 +0000 Aileen Chuang Aileen Chuang ICBC (Asia) sees no undue risk in lending to Hong Kong’s large property developers and will also continue to write home mortgages to support the sector’s recovery, according to a senior executive. While acknowledging the headwinds in the city’s property sector, such as the emergence of non-performing loans and lukewarm sales, Wang Zhiyong, head of the corporate banking department, said the sector was looking to stabilise amid government support and developers’ initiatives to strengthen... https://www.scmp.com/business/banking-finance/article/3302456/icbc-asia-backs-hong-kong-developers-stable-loan-support-amid-sectors-challenges?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3302456/icbc-asia-backs-hong-kong-developers-stable-loan-support-amid-sectors-challenges?utm_source=rss_feed Mon, 17 Mar 2025 00:30:13 +0000 Enoch Yiu Enoch Yiu Beijing will allow Hong Kong and Macau-domiciled banks to launch a range of services on the mainland including credit cards next month, the latest in a series of steps to integrate the financial sectors of China and its two special administrative regions. The National Financial Regulatory Administration (NFRA), an agency under the State Council that oversees the financial sector, said on Thursday that it would lift restrictions that currently prohibit Hong Kong and Macau banks from offering any... https://www.scmp.com/business/banking-finance/article/3299493/beijing-allows-hong-kong-banks-issue-credit-cards-mainland-march-1?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3299493/beijing-allows-hong-kong-banks-issue-credit-cards-mainland-march-1?utm_source=rss_feed Thu, 20 Feb 2025 13:06:35 +0000 Zhang Hongli, a former vice-president of the Industrial and Commercial Bank of China, has been sentenced to death with a two-year reprieve for taking more than 177 million yuan (US$24.3 million) in bribes, according to state media. The Intermediate People’s Court of Hangzhou in eastern Zhejiang province found that from 2011 to 2022, Zhang had “leveraged” his position at ICBC – the world’s biggest bank by total assets – to provide assistance to entities and individuals for loan financing and... https://www.scmp.com/news/china/politics/article/3299436/former-icbc-executive-gets-death-sentence-reprieve-taking-us24-million-bribes?utm_source=rss_feed https://www.scmp.com/news/china/politics/article/3299436/former-icbc-executive-gets-death-sentence-reprieve-taking-us24-million-bribes?utm_source=rss_feed Thu, 20 Feb 2025 09:00:11 +0000 Enoch Yiu Enoch Yiu As Hong Kong’s workers return to their desks on Monday after a long holiday break, many large banks and financial firms are offering them millions of dollars in lai see, hampers, Asia Miles, lucky draws and other gifts to ring in the Year of the Snake. Companies have traditionally given staffers lai see packets on the first working day of the Lunar New Year as a token of their appreciation and a blessing for the year ahead. A Post poll of 10 lenders found that this year’s return-to-work lai see... https://www.scmp.com/business/article/3296682/year-snake-hong-kong-banks-offer-lai-see-hampers-asia-miles-returning-workers?utm_source=rss_feed https://www.scmp.com/business/article/3296682/year-snake-hong-kong-banks-offer-lai-see-hampers-asia-miles-returning-workers?utm_source=rss_feed Thu, 30 Jan 2025 05:00:08 +0000 Zhang Shidong Zhang Shidong Top Chinese banks rose after the mainland’s securities regulator urged listed companies to do more to bolster stock prices and improve shareholder returns. An index of 42 banks listed on the Shanghai and Shenzhen exchanges gained more than 2 per cent on Monday, according to financial data provider Shanghai DZH. Industrial and Commercial Bank of China (ICBC), Bank of China and China Construction Bank, the biggest state-backed lenders, advanced at least 2.9 per cent in Hong Kong, outperforming the... https://www.scmp.com/business/china-business/article/3287044/chinese-banks-surge-csrc-guideline-urging-more-shareholder-returns-lifts-confidence?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3287044/chinese-banks-surge-csrc-guideline-urging-more-shareholder-returns-lifts-confidence?utm_source=rss_feed Mon, 18 Nov 2024 09:30:08 +0000 Bloomberg,Yuke Xie Bloomberg,Yuke Xie China is considering injecting up to 1 trillion yuan (US$142 billion) of capital into its biggest state banks to increase their capacity to support the struggling economy, according to people familiar with the matter. China’s six largest state-owned lenders – the Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, Bank of Communications, and Postal Savings Bank of China – could each receive an injection of 100 billion yuan, a source... https://www.scmp.com/business/china-business/article/3280008/china-weighs-injecting-us142-billion-capital-top-banks?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3280008/china-weighs-injecting-us142-billion-capital-top-banks?utm_source=rss_feed Thu, 26 Sep 2024 04:25:16 +0000 Yuke Xie Yuke Xie Beijing’s encouragement for large commercial lenders to increase investments in unlisted companies is a significant move in the broader effort to support the country’s struggling start-ups, analysts said, though they wondered whether the big banks were ready to participate. Chinese authorities are now allowing the financial asset-investment arms of major commercial banks to increase their allocations to private companies, Li Yunze, director of the National Administration of Financial Regulation... https://www.scmp.com/business/banking-finance/article/3279859/beijing-encourages-investment-struggling-start-ups-are-big-banks-ready?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3279859/beijing-encourages-investment-struggling-start-ups-are-big-banks-ready?utm_source=rss_feed Wed, 25 Sep 2024 06:00:12 +0000 Yuke Xie Yuke Xie China’s largest state-owned banks are expected to struggle with thinner margins later this year and into 2025, according to analysts, after these lenders this week reported profit declines amid Beijing’s call to extend a lifeline to the troubled property sector and support the economy. The Industrial and Commercial Bank of China, the world’s biggest bank by assets, on Friday reported a net profit of 170.5 billion yuan (US$24 billion) for the six months ended June 30, down 1.8 per cent compared... https://www.scmp.com/business/banking-finance/article/3276672/chinas-state-owned-banks-face-thinner-margins-amid-beijings-call-support-economy?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3276672/chinas-state-owned-banks-face-thinner-margins-amid-beijings-call-support-economy?utm_source=rss_feed Sun, 01 Sep 2024 05:00:09 +0000 Yuke Xie Yuke Xie Saudi Arabia’s sovereign Public Investment Fund (PIF) and six of China’s top financial institutions have signed investment agreements totalling US$50 billion in a move that significantly strengthens financial and business ties between the two countries. The amount represents 1.5 times China’s total foreign direct investment inflow in 2023. The agreements are with Agricultural Bank of China (ABC), Bank of China (BOC), China Construction Bank (CCB), China Export and Credit Insurance Corporation... https://www.scmp.com/business/banking-finance/article/3273010/saudi-arabia-wealth-fund-signs-us50b-agreements-6-top-chinese-institutions?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3273010/saudi-arabia-wealth-fund-signs-us50b-agreements-6-top-chinese-institutions?utm_source=rss_feed Fri, 02 Aug 2024 12:07:22 +0000 Enoch Yiu Enoch Yiu Improvements to the Wealth Management Connect scheme in February have proven to be a game-changer, with investment via the cross-border trading channel jumping by four times between January and April, according to the government data and industry players. The amount of money traded under the scheme quadrupled to 50.7 billion yuan (US$7 billion) in the first four months of the year, while the number of investors using it rose 60 per cent to 110,000, according to government data. ICBC Asia, a key... https://www.scmp.com/business/banking-finance/article/3269369/wealth-management-connect-revamp-sent-cross-border-investment-skyrocketing-says-icbc?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3269369/wealth-management-connect-revamp-sent-cross-border-investment-skyrocketing-says-icbc?utm_source=rss_feed Fri, 05 Jul 2024 12:30:15 +0000 Yuke Xie Yuke Xie The development and application of artificial intelligence (AI) technology in China’s banking sector could help the nation’s lenders generate new revenue streams, as banks grapple with challenges ranging from a slowing economy to a struggling property sector, according to experts. “For net interest income, banks are at the mercy of the central bank and the amount of liquidity the central bank allows into the banking system,” Emmanuel Daniel, founder of the Asian Banker, a financial data services... https://www.scmp.com/business/banking-finance/article/3267568/chinese-banks-could-improve-their-bottom-lines-ai-adoption-experts-say?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3267568/chinese-banks-could-improve-their-bottom-lines-ai-adoption-experts-say?utm_source=rss_feed Fri, 21 Jun 2024 10:18:32 +0000 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 first trimmed its allocation in China’s biggest bank by selling 825 million H-shares at an average price of HK$4.7 each on May 27, taking its stake from 6.01 per cent to 5.06 per cent, AA Stocks reported on Tuesday. This was followed by a further cut of HK$408 million on... https://www.scmp.com/business/banking-finance/article/3265393/singapores-temasek-trims-stake-icbc-chinas-slumping-property-market-dents-state-lenders-profits?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3265393/singapores-temasek-trims-stake-icbc-chinas-slumping-property-market-dents-state-lenders-profits?utm_source=rss_feed Tue, 04 Jun 2024 15:09:48 +0000 Two of China’s largest banks unveiled plans to sell total loss-absorbing capacity (TLAC) bonds this week, as Chinese lenders draw up plans to sell these newly introduced securities to strengthen their balance sheets and meet the central bank’s solvency regulations. State-owned lender the Industrial and Commercial Bank of China (ICBC), the world’s largest bank by assets, said it will raise 30 billion yuan (US$4.2 billion) and Bank of China (BOC), another government-owned bank, said it will borrow... https://www.scmp.com/business/banking-finance/article/3262492/chinas-banks-seen-launching-us60-billion-loss-absorbing-bonds-align-pbocs-guidelines?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3262492/chinas-banks-seen-launching-us60-billion-loss-absorbing-bonds-align-pbocs-guidelines?utm_source=rss_feed Mon, 13 May 2024 08:58:23 +0000 Industrial and Commercial Bank of China (ICBC), the nation’s largest lender, reported its first decline in quarterly profit in more than a year as margins continue to contract. Net income fell 2.78 per cent to 87.7 billion yuan (US$12.1 billion) in the first quarter, the bank said in an exchange filing on Monday. Its net interest margin narrowed to 1.48 per cent from 1.61 per cent at the end of 2023. Chinese lenders are in the midst of a prolonged squeeze that has narrowed margins to record... https://www.scmp.com/business/banking-finance/article/3260852/chinas-icbc-agricultural-bank-post-profit-drops-margin-squeeze?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3260852/chinas-icbc-agricultural-bank-post-profit-drops-margin-squeeze?utm_source=rss_feed Tue, 30 Apr 2024 01:40:55 +0000 Fitch Ratings has lowered its outlook for China’s state-owned banks from stable to negative 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. The downgrade in the ratings outlook of China’s “big six” state-owned banks, including the Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), and Bank of China (BOC),... https://www.scmp.com/business/article/3259217/fitch-cuts-outlook-chinas-state-owned-banks-stable-negative-citing-beijings-limited-capacity-support?utm_source=rss_feed https://www.scmp.com/business/article/3259217/fitch-cuts-outlook-chinas-state-owned-banks-stable-negative-citing-beijings-limited-capacity-support?utm_source=rss_feed Tue, 16 Apr 2024 11:00:37 +0000 Bank of Communications (Bocom), one of China’s top state-owned lenders, delivered a cautiously optimistic outlook for its business and the country’s economy even as it posted its slowest earnings growth since at least 2004. Net profit at the Shanghai-based bank rose 0.7 per cent to 92.7 billion yuan (US$12.8 billion) in 2023, compared with 92.1 billion yuan in 2022, it said in a stock exchange filing on Wednesday, as China’s faltering economy weighed on earnings growth. This beat a consensus... https://www.scmp.com/business/banking-finance/article/3256976/bocom-delivers-more-confident-outlook-after-posting-slight-rise-profits?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3256976/bocom-delivers-more-confident-outlook-after-posting-slight-rise-profits?utm_source=rss_feed Wed, 27 Mar 2024 13:45:28 +0000 Heavily indebted China Vanke, one of China’s largest developers, said it has secured a long-term loan from a Chinese commercial bank, providing it some relief following its credit rating downgrade a week ago by Moody’s to junk status. The Shenzhen-based developer said in a statement filed with the Hong Kong exchange late on Tuesday that it had obtained a 1.4 billion yuan (US$194 million) loan from Industrial Bank for 14 years, based on a 35 billion yuan guarantee authorised during a shareholders... https://www.scmp.com/business/article/3256021/china-vanke-secures-us194-million-loan-industrial-bank-brief-respite-troubled-property-developer?utm_source=rss_feed https://www.scmp.com/business/article/3256021/china-vanke-secures-us194-million-loan-industrial-bank-brief-respite-troubled-property-developer?utm_source=rss_feed Wed, 20 Mar 2024 02:03:25 +0000 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 (AI) to prevent and investigate fraud. “We will adopt more of machine learning and other AI technologies to identify potential fraudulent transactions, and to investigate alleged scams,” Tony Mak Wing-yin, head of the financial crime compliance department at ICBC Asia, said in an interview. The bank is doubling down on tech to... https://www.scmp.com/business/banking-finance/article/3251444/icbc-asia-combat-fraud-doubling-down-ai-amid-rise-scams-anti-financial-crimes-chief-says?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3251444/icbc-asia-combat-fraud-doubling-down-ai-amid-rise-scams-anti-financial-crimes-chief-says?utm_source=rss_feed Thu, 15 Feb 2024 00:30:40 +0000 As China ushers in the Year of the Dragon, some of the US$450 million of commemorative coins and banknotes issued by the nation’s central bank have found their way into the popular local e-commerce platforms at more than three times their face value. On Alibaba Group’s Taobao site, a reseller known as Ji Le Professional Coin Collector is asking 748 yuan for a batch of 10 pieces of banknotes denominated in 20 yuan each. A batch of 10 notes bearing consecutive serial numbers is listed at 800 yuan.... https://www.scmp.com/business/banking-finance/article/3251560/year-dragon-chinas-commemorative-coins-notes-are-multiplying-value-taobao-jdcom-auction-platforms?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3251560/year-dragon-chinas-commemorative-coins-notes-are-multiplying-value-taobao-jdcom-auction-platforms?utm_source=rss_feed Sun, 11 Feb 2024 02:00:45 +0000 The Industrial and Commercial Bank of China (ICBC), the country’s largest state-controlled bank and 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 in the past month. Chen Siqing, the lender’s chairman and executive director, has tendered his resignation to the board of directors, with immediate effect, according to a company statement on February 1. The statement said... https://www.scmp.com/business/banking-finance/article/3250682/icbc-chairman-chen-siqing-resigns-chinese-banking-industry-undergoes-leadership-reshuffle?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3250682/icbc-chairman-chen-siqing-resigns-chinese-banking-industry-undergoes-leadership-reshuffle?utm_source=rss_feed Fri, 02 Feb 2024 06:00:23 +0000 The US Federal Reserve fined Industrial and Commercial Bank of China US$2.43 million for improper use of financial-supervision information. The New York Department of Financial Services, which also oversees the bank’s branch in the state, hit the firm with an additional US$30 million penalty. “Confidential supervisory information includes reports of bank examinations and other confidential communications by banking regulators,” the Fed said in a statement Friday. “It is illegal to disclose... https://www.scmp.com/news/world/united-states-canada/article/3249154/us-fed-fines-industrial-and-commercial-bank-china-lapses-bank-secrecy-sharing-data?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3249154/us-fed-fines-industrial-and-commercial-bank-china-lapses-bank-secrecy-sharing-data?utm_source=rss_feed Fri, 19 Jan 2024 18:58:35 +0000 Businesses tied to former US president Donald Trump accepted over US$5.5 million from China’s government and its state-owned entities during his time in office, according to a congressional Democratic staff report released on Thursday. Titled “White House for Sale”, the sweeping 156-page report from the House Committee on Oversight and Accountability named the Chinese embassy in Washington as one of the entities that spent money at a Trump-owned property from 2017 to 2020. It also named Hainan... https://www.scmp.com/news/china/article/3247325/donald-trump-during-presidency-reaped-us55-million-china-and-state-entities-house-report?utm_source=rss_feed https://www.scmp.com/news/china/article/3247325/donald-trump-during-presidency-reaped-us55-million-china-and-state-entities-house-report?utm_source=rss_feed Thu, 04 Jan 2024 17:21:03 +0000 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 (NIM) and to improve profitability. The NIM is the amount of money that a bank earns in interest on loans relative to the amount it pays on deposits. It is an important gauge of a bank’s profitability. The Industrial and Commercial Bank of China, China Construction Bank, Agriculture Bank of China, Bank of China and Bank of... https://www.scmp.com/business/banking-finance/article/3246051/chinas-biggest-banks-lower-deposit-rates-third-time-2023-eye-improving-profitability?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3246051/chinas-biggest-banks-lower-deposit-rates-third-time-2023-eye-improving-profitability?utm_source=rss_feed Fri, 22 Dec 2023 11:30:14 +0000 China’s escalating push to have its banking behemoths backstop struggling property firms is adding to a maelstrom of woes for the US$57 trillion sector. Already stung by soaring bad loans and record-low net-interest margins, lenders such as Industrial and Commercial Bank of China (ICBC) may soon be asked for the first time to provide unsecured loans to developers, many of whom are in default or teetering on the brink of collapse. The risky lifeline threatens to exacerbate an already bleak... https://www.scmp.com/business/banking-finance/article/3243045/chinas-property-lifeline-exposes-banks-big-losses-job-cuts?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3243045/chinas-property-lifeline-exposes-banks-big-losses-job-cuts?utm_source=rss_feed Tue, 28 Nov 2023 03:53:29 +0000 Within days of a cyberattack at its US unit, members of Industrial and Commercial Bank of China’s (ICBC) management were on a plane. Officials from the world’s largest lender arrived in the US over the weekend in a hastily arranged trip to limit fallout from the incident last week, people with knowledge of the situation said. As they sought to calm markets through a steady stream of discussions and calls, one question remained unanswered: when will the stricken systems start functioning... https://www.scmp.com/business/banking-finance/article/3241445/icbc-flies-top-executives-us-race-contain-fallout-hack-ransomware-gang-lockbit?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3241445/icbc-flies-top-executives-us-race-contain-fallout-hack-ransomware-gang-lockbit?utm_source=rss_feed Tue, 14 Nov 2023 04:16:11 +0000 China’s biggest lender, the Industrial and Commercial Bank of China, paid a ransom after it was hacked last week, a LockBit ransomware gang representative said on Monday in a statement which Reuters was unable to independently verify. ICBC, whose US arm was hit by a ransomware attack that disrupted trades in the US Treasury market on November 9, did not immediately respond to a request for comment. “They paid a ransom, deal closed,” the LockBit representative said via Tox, an online messaging... https://www.scmp.com/news/world/united-states-canada/article/3241417/lockbit-says-it-got-ransom-payment-icbc-over-hack-hit-us-treasury-market?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3241417/lockbit-says-it-got-ransom-payment-icbc-over-hack-hit-us-treasury-market?utm_source=rss_feed Tue, 14 Nov 2023 00:50:59 +0000 DP World Australia said it made “significant progress” in re-establishing freight operations at its ports, after a cyberattack on Friday limited access to several facilities across the country. The company’s teams “are testing key systems crucial for the resumption of normal operations and regular freight movement”, DP World Australia said in a statement on Sunday. “A further update will be provided once this testing phase is complete.” Government agencies held crisis talks over the weekend in... https://www.scmp.com/news/asia/australasia/article/3241231/cyberattack-australian-ports-sydney-melbourne-threaten-supply-chains-interruption-continue-days?utm_source=rss_feed https://www.scmp.com/news/asia/australasia/article/3241231/cyberattack-australian-ports-sydney-melbourne-threaten-supply-chains-interruption-continue-days?utm_source=rss_feed Sun, 12 Nov 2023 03:20:32 +0000 Industrial and Commercial Bank of China injected capital into its US unit to help pay BNY Mellon US$9 billion for unsettled trades and hired a cybersecurity firm to enable it to resume normal business after a ransomware attack, sources familiar with the matter said. ICBC’s US unit told market participants on Friday it was hoping to finish the cyber review over the weekend, but the sources said they expected it would spill into next week. Meanwhile, the bank is using manual processes to trade,... https://www.scmp.com/news/world/united-states-canada/article/3241176/icbc-pumps-funds-us-unit-after-ransomware-attack-pay-us9-billion-unsettled-trades-hires?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3241176/icbc-pumps-funds-us-unit-after-ransomware-attack-pay-us9-billion-unsettled-trades-hires?utm_source=rss_feed Sat, 11 Nov 2023 03:50:04 +0000 A ransomware attack on a unit of Industrial and Commercial Bank of China (ICBC) disrupted some trades in the US Treasury market on Thursday but market sources said the impact seemed to be limited. ICBC Financial Services, the US unit of China’s largest commercial lender by assets, said in a statement a ransomware attack resulted in disruption to certain systems and it was conducting an investigation and “progressing its recovery efforts”. The bank said it had successfully cleared US Treasury... https://www.scmp.com/news/world/united-states-canada/article/3240990/ransomware-attack-industrial-and-commercial-bank-china-disrupts-us-treasury-market-trades?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3240990/ransomware-attack-industrial-and-commercial-bank-china-disrupts-us-treasury-market-trades?utm_source=rss_feed Thu, 09 Nov 2023 23:35:43 +0000 China’s banks have seen an influx of bad assets in their once-thriving property-loan business, and more could be reported amid the restructuring of Evergrande and other struggling developers. The outstanding property-related non-performing loans (NPLs) of China’s top banks saw an annual increase in value of 37 per cent to 291 billion yuan (US$40 billion) from July 2022 to the end of June this year, according to the Post’s calculations of their midyear financial reports. Two-thirds of the banks... https://www.scmp.com/economy/china-economy/article/3236152/chinas-property-woes-deepened-evergrande-test-beijings-bottom-line-no-systemic-risks?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3236152/chinas-property-woes-deepened-evergrande-test-beijings-bottom-line-no-systemic-risks?utm_source=rss_feed Thu, 28 Sep 2023 15:00:19 +0000 Saudi Arabia plans to raise US$11 billion from a syndicated loan in what would be the biggest financing deal in Europe, the Middle East and Africa this year, as the kingdom seeks to finance its ambitious investment plans. The kingdom’s Ministry of Finance has appointed Industrial and Commercial Bank of China as coordinator and bookrunner for the long-term senior, unsecured loan, according to people familiar with the matter. The 10-year debt is offering an interest rate of 100 basis points over... https://www.scmp.com/business/banking-finance/article/3234937/icbc-chosen-bookrunner-biggest-financing-deal-europe-middle-east-and-africa-saudi-arabias-aims-raise?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3234937/icbc-chosen-bookrunner-biggest-financing-deal-europe-middle-east-and-africa-saudi-arabias-aims-raise?utm_source=rss_feed Mon, 18 Sep 2023 09:02:41 +0000 China’s biggest state-owned banks, mired in bad property loans, now face further downward pressure on profit as they prepare to respond to Beijing’s call to cut mortgage rates and revive the country’s faltering property market. Industrial and Commercial Bank of China (ICBC) and Agricultural Bank of China (ABC) cut their deposit rates by between five and 25 basis points, according to their websites. China Construction Bank (CCB), the world’s third-largest bank by assets, said on Thursday that it... https://www.scmp.com/business/banking-finance/article/3233026/chinas-state-banks-face-profit-squeeze-they-comply-beijings-call-mortgage-rate-cuts-aid-property?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3233026/chinas-state-banks-face-profit-squeeze-they-comply-beijings-call-mortgage-rate-cuts-aid-property?utm_source=rss_feed Fri, 01 Sep 2023 02:00:44 +0000