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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.
- The bank regulator will ensure that small and medium enterprises (SMEs) get access to the 537 billion yuan (US$77 billion) of credit lined up to help them pull through the business slump caused by the coronavirus outbreak
- Companies that can restart production as soon as possible will receive the support of the People’s Bank of China, to the extent that a “small increase” of non-performing loans owed to banks will be “tolerated”
Hong Kong’s banks are offering relief measures and extending a financial lifeline to borrowers who have been hit hard by the city’s first technical recession in a decade, as a combination of the US-China trade war, anti-government protests and a coronavirus outbreak send businesses into a tailspin.
Hong Kong’s banks are offering relief measures and extending a financial lifeline to borrowers who have been hit hard by the city’s first technical recession in a decade, as a combination of the US-China trade war, anti-government protests and a coronavirus outbreak send businesses into a tailspin.
Mortgage borrowers, small- and medium-sized businesses can apply to make interest-only payments for up to a year.
Mortgage borrowers, small- and medium-sized businesses can apply to make interest-only payments for up to a year.
HSBC extending interest-only payments to taxi and public light bus operators, property-secured commercial borrowers, providing additional relief to trade finance customers.
HSBC extending interest-only payments to taxi and public light bus operators, property-secured commercial borrowers, providing additional relief to trade finance customers.
HSBC said it would suspend service at 19 locations from 8pm to 6am on weekends and public holidays at protest hotspots on Hong Kong Island and in Kowloon.
HSBC said it would suspend service at 19 locations from 8pm to 6am on weekends and public holidays at protest hotspots on Hong Kong Island and in Kowloon.
Expression of opinions should be ‘conducted in a peaceful manner, without affecting the public’s access to banking services’, HKMA says
Expression of opinions should be ‘conducted in a peaceful manner, without affecting the public’s access to banking services’, HKMA says
China Securities Regulatory Commission wants to create heavyweight investment banks and plans to support mergers, enhance capital strength, expand the services they offer and promote ‘internationalisation’.
China Securities Regulatory Commission wants to create heavyweight investment banks and plans to support mergers, enhance capital strength, expand the services they offer and promote ‘internationalisation’.
Indian tycoon Anil Ambani, whose fortune has dwindled in recent years, is sibling to Mukesh Ambani, who is worth US$56 billion and is world’s 14th wealthiest man.
Indian tycoon Anil Ambani, whose fortune has dwindled in recent years, is sibling to Mukesh Ambani, who is worth US$56 billion and is world’s 14th wealthiest man.
The squeeze on profitability underscores how China’s financial industry is grappling with survival after more than 12 months of a bruising trade war with the United States, amid slowing demand for loans and investments in the local economy’s slowest quarterly growth pace in decades.
The squeeze on profitability underscores how China’s financial industry is grappling with survival after more than 12 months of a bruising trade war with the United States, amid slowing demand for loans and investments in the local economy’s slowest quarterly growth pace in decades.
Non-bank players putting ‘significant pressure’ on business models for lenders in Asia, according to McKinsey, with lenders needing to seek scale to boost margins
Non-bank players putting ‘significant pressure’ on business models for lenders in Asia, according to McKinsey, with lenders needing to seek scale to boost margins
Small businesses that each employ fewer than 50 people are bearing the brunt of the economic aftermath of Hong Kong’s worst political crisis, as the city heads for a technical recession in the fiscal third quarter ending in December.
Small businesses that each employ fewer than 50 people are bearing the brunt of the economic aftermath of Hong Kong’s worst political crisis, as the city heads for a technical recession in the fiscal third quarter ending in December.
Banks say they’re focused on the safety of their employees and still being able to provide services to customers as protests in Hong Kong continue
Banks say they’re focused on the safety of their employees and still being able to provide services to customers as protests in Hong Kong continue
Banks decline to confirm if any cash from ATMs was lost, but say customers’ assets at the banks’ safe deposit boxes are safe.
Banks decline to confirm if any cash from ATMs was lost, but say customers’ assets at the banks’ safe deposit boxes are safe.
State support for the Chinese banks will vary as the authorities try to share some of the losses with large creditors, say analysts at Moody’s and Fitch.
State support for the Chinese banks will vary as the authorities try to share some of the losses with large creditors, say analysts at Moody’s and Fitch.
ICBC, China’s largest lender by assets said the global economic environment is expected to ‘tighten on the whole’ in the second half, but said that it expects the mainland’s economy to ‘operate robustly’
ICBC, China’s largest lender by assets said the global economic environment is expected to ‘tighten on the whole’ in the second half, but said that it expects the mainland’s economy to ‘operate robustly’
Big Chinese lenders have long sacrificed profits in the name of national service. For shareholders already skittish about the trade war, rising corporate defaults and slowing economic growth, it’s yet another reason to sell.
Big Chinese lenders have long sacrificed profits in the name of national service. For shareholders already skittish about the trade war, rising corporate defaults and slowing economic growth, it’s yet another reason to sell.
ICBC will invest up to 3 billion yuan (US$436 million) in the bank, with China Cinda Asset Management and China Great Wall Asset Management also investing.
ICBC will invest up to 3 billion yuan (US$436 million) in the bank, with China Cinda Asset Management and China Great Wall Asset Management also investing.
In a first, more Chinese companies have made it to Fortune magazine’s list of the world’s top 500 firms this year, than from the US. A total of 129 companies, including 10 from Taiwan, were ranked among the world’s biggest firms by operating revenue, according to a list released on Monday.
In a first, more Chinese companies have made it to Fortune magazine’s list of the world’s top 500 firms this year, than from the US. A total of 129 companies, including 10 from Taiwan, were ranked among the world’s biggest firms by operating revenue, according to a list released on Monday.
Gu Guoming, chief governor of the branch, is regarded as one of the most powerful figures in Shanghai’s financial sector
Gu Guoming, chief governor of the branch, is regarded as one of the most powerful figures in Shanghai’s financial sector
Livi VB, the new virtual banking arm of Bank of China (Hong Kong), is a different type of business model, and the bank is not looking for it to break even in the first three years of operations, its CEO said on Thursday.
Livi VB, the new virtual banking arm of Bank of China (Hong Kong), is a different type of business model, and the bank is not looking for it to break even in the first three years of operations, its CEO said on Thursday.
Industrial and Commercial Bank of China, the world’s largest lender by assets, as well as China’s other “Big Four” banks and Ping An Insurance are all in the top 10.
Industrial and Commercial Bank of China, the world’s largest lender by assets, as well as China’s other “Big Four” banks and Ping An Insurance are all in the top 10.
The fallout from a “window guidance” by the CBIRC on recognising non-performing loans at more than 60 days overdue will be minimal, as the country’s big state-owned lenders have been making more stringent provisions since last year, analysts have said.
The fallout from a “window guidance” by the CBIRC on recognising non-performing loans at more than 60 days overdue will be minimal, as the country’s big state-owned lenders have been making more stringent provisions since last year, analysts have said.
Fintech firms are increasingly positioning themselves as banks’ tech partners, rather than disrupters
Fintech firms are increasingly positioning themselves as banks’ tech partners, rather than disrupters
Chen Siqing was appointed party secretary of ICBC, the world’s largest lender, on Monday.
Chen Siqing was appointed party secretary of ICBC, the world’s largest lender, on Monday.
About half of new loans issued by China’s big six banks last year went to individual property buyers, despite Beijing’s orders to lend to private companies.
About half of new loans issued by China’s big six banks last year went to individual property buyers, despite Beijing’s orders to lend to private companies.
Lenders still a ‘long way’ from solving the problem of bank credit access for small firms
Lenders still a ‘long way’ from solving the problem of bank credit access for small firms