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.
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?
The Chinese lender’s US arm was hit by a ransomware attack that disrupted trades in the US Treasury market last week.
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.
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.
The incident affected some financial services, though the impact seemed to be limited.
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.
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.
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.
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.
ING alleged ICBC breached contract terms because it released export documents for copper transactions without collecting payment, court filing says.
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.
More than three years after China’s central bank started digital currency trials, adoption in one of the initial test beds, Suzhou, remains lethargic.
The recently approved IPO plans of nine Chinese semiconductor firms are expected to raise a total of US$3 billion from investors.
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.
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.
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.
Leading state-controlled banks are likely to report earnings growth of between 8 and 15 per cent for 2021, according to analysts’ estimates.
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.
Hong Kong wants to position itself as Asia’s hub for sustainable finance as it seeks to reach carbon neutrality by 2050.
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.
HKMA allows 16 banks to sell products in Hong Kong and the mainland, while three can only sell to Greater Bay Area residents via the southbound route.
Ping An Insurance joined the list of top 10 most admired companies for the first time in a ranking based on public perception. Dutch semiconductor equipment maker ASML knocked Apple off its perch.
The plight of Huarong has become the biggest test in decades of whether Beijing would still shield state-owned firms from market forces amid a renewed push by President Xi Jinping to rein in debt growth as defaults have hit records.
Postal Savings Bank of China reported the highest first-half profit among lenders that published results on Friday. Bocom president optimistic about full-year outlook.
The rescue package unveiled on Wednesday, while thin on official details, suggests President Xi Jinping’s government is for now unwilling to allow a default by one of China’s most systemically important state-owned companies.
HSBC, Industrial Commercial Bank of China (Asia) and other major banks have stopped offering mortgage loans for unfinished flats built by the world’s most indebted developer, according to people familiar.