Industrial and Commercial Bank of China Limited
Native name
中国工商银行
Zhōngguó Gōngshāng Yínháng[1]
TypePublic
State-owned
ISINCNE1000003G1
IndustryFinancial services
Founded1984 (1984)
Headquarters
Beijing
,
China
Key people
ProductsFinance and insurance, consumer banking, corporate banking, investment banking, investment management, global wealth management, private equity, mortgage loans, credit cards
RevenueIncrease CN¥725.12 billion
$105.4 billion (2018)[5][6]
Increase CN¥369.32 billion
$53.68 billion (2018)[5]
Increase CN¥298.72 billion
$43.42 billion (2018)[5]
AUMIncrease CN¥6.9 trillion ≈ US$1.0 trillion (2022)[7]
Total assetsIncrease CN¥27.70 trillion US$4.02 trillion (2018)[8]
Total equityIncrease CN¥2.33 trillion
$338.7 billion (2018)[5]
Owner
Number of employees
Decrease 434,798 (2022)[10]
Chinese name
Simplified Chinese中国工商银行股份有限公司
Traditional Chinese中國工商銀行股份有限公司
Literal meaningChina Industrial and Commercial Bank, Company Limited by Shares
Alternative Chinese name
Simplified Chinese中国工商银行
Traditional Chinese中國工商銀行
Second alternative Chinese name
Chinese工行
Capital ratioIncrease 12.87% (CET1)[6]
Websitewww.icbc-ltd.com/icbcltd/en/

Industrial and Commercial Bank of China Limited (ICBC; Chinese: 中国工商银行; pinyin: Zhōngguó Gōngshāng Yínháng) is a Chinese multinational bank.

Founded as a limited company on 1 January 1984,[11] ICBC is a state-owned commercial bank. With capital provided by the Ministry of Finance of China,[12] the bank's Tier 1 capital in 2013 was the largest of one thousand global banks, being the first bank headquartered in China to achieve this distinction in modern history.[13][9] Subsequently, ranked the largest bank in the world 2017 and 2018, by total assets,[14] (31 December 2020, US$4.324 trillion[8]), ICBC was positioned at 1st in The Banker's Top 1000 World Banks ranking, every year from 2012,[15] and first (2019) on the Forbes Global 2000 list of the world's biggest public companies.[16] ICBC is also the 3rd largest bank in the world by market capitalization at $211 billion (31 December 2022).[17]

Furthermore, ICBC is considered one of the most profitable companies in the world, ranking fourth according to Forbes.[18] It is considered a systemically important bank by the Financial Stability Board.

Several former employees of ICBC have moved on to work in prominent government positions in China. Notable ICBC alumni include CSRC Chairman Huiman Yi, and Deputy Governor of the People's Bank of China Gongsheng Pan.

History

ICBC building in Tokyo
ICBC building in Luxembourg
ICBC building in Karachi
ICBC Beijing Qunfang Sub-branch at Universal Beijing Resort

Preconditions of 1948–1979

From 1948 the mono-banking system of China was the People's Bank of China, providing both policy lending, and, operations to the commercial sector. During 1978 to[19] 1979 banking reform was initiated by the government of China, with the express desire of bringing into existence a central bank accompanying four total central governmentally owned specializing banks, one of these four being ICBC.[20]

1979–1985

A Two-Tier banking system was made.[19]

1984–2005

By rights of a contradiction within the economic functioning of the government of China, the People's Republic, the State Council of China,[21] during September of[22] 1983 made a decision to separate certain activities of the government to an exclusively operating organisation, subsequently named the Industrial and Commercial bank of China,[21] established on 1 January 1984.[11] ICBC was then the fourth of the four specialist banks of 1978–1979 to be made,[22] from the taking of control of commercial activities[22] ("industrial credit and savings business"[23]) from People's Bank of China so that the latter might be transformed to a newly made central bank.[22][23] ICBC focused on the intermediation of deposits.[24]: 225 

ICBC opened a branch in Luxembourg which became the European headquarters of the bank in 2011.[25] ICBC (Europe) S.A. operates a network covering branches in major European cities, namely Paris, Amsterdam, Brussels, Milan, Madrid, Barcelona, Warsaw and Lisbon.[26]

The bank's Hong Kong operations are listed under the name ICBC Asia. It has purchased the Hong Kong subsidiary of Fortis Bank and rebranded it under its own name on 10 October 2005.

In June 2005, ICBC Credit Suisse Asset Management, a joint venture between ICBC (55%), Credit Suisse First Boston (25%) and COSCO (20%), was formally established in China. Subsequently, ICBC acquired the 20% stake from COSCO and a 5% stake from CSFB.

2006–2008

Customer base

As of 2006, ICBC had 2.5 million corporate customers and 150 million individual customers.[27]

IPO

In the runup to its planned initial public offering, on 28 April 2006, three "strategic investors" injected US$3.7 billion into ICBC:

ICBC was simultaneously listed on both the Hong Kong Stock Exchange and Shanghai Stock Exchange on 27 October 2006. It was the world's largest IPO at that time valued at US$21.9 billion, surpassing the previous record US$18.4 billion IPO by Japan's NTT DoCoMo in 1998.[30] In 2010, Agricultural Bank of China broke ICBC's IPO record when it raised $22.1 billion. China's largest commercial bank was also the first company to debut simultaneously on both the Hong Kong and Shanghai stock exchanges.

ICBC raised at least US$14 billion in Hong Kong (H-shares) and another US$5.1 billion in Shanghai (A-shares). Due to heavy subscriptions, the greenshoe (i.e. over-allotment) placements were exercised and ICBC's take rose to US$21.9 billion (17% of ICBC's market value before the IPO), divided in US$16 billion in Hong Kong and US$5.9 billion in Shanghai. Following the global offering, the free float of shares was 22.14% of the market capitalization.

At the end of its first day of trading, the bank's shares closed up almost 15% at HK$3.52 in Hong Kong, compared with the listing price of HK$3.07, which was set at the top of the indicative range due to the strong demand. According to Bloomberg, ICBC's market capitalisation at the end of trade based on its Hong Kong shares was US$156.3 billion, making its equity the world's fifth highest among banks, just behind JPMorgan Chase. Meanwhile, ICBC's Shanghai-listed A-shares recorded more modest gains and ended up 5.1% from the offering price of RMB 3.12.

During July 2007 ICBC was ranked 30th in the world in terms of revenue.[31]

Foreign activity

In August 2008, ICBC became the second Chinese bank since 1991 to gain federal approval to establish a branch in New York City.[32] ICBC had signed a lease with the Trump Organization for office space in the Trump Tower in 2008. ICBC was Trump Tower's largest office tenant as of 2012.[33] By October 2020, Donald Trump received $5.4 million from ICBC via the Trump Tower lease.[34]

ICBC loans $400 million towards the completion of the Gibe III dam in Ethiopia. Groups that oppose the dam such as International Rivers and Survival International have complained about or have written to ICBC against the dam's funding.[35][36]

2011–present

On 24 January 2011, ICBC opened a branch office in Madrid, Spain.[37]

On 20 May 2011, Industrial and Commercial Bank of China Ltd. established two branches in Pakistan, one in Karachi, the other in Islamabad. On 18 August 2011, ICBC passed the examination from State Bank of Pakistan and started its business in Pakistan.

During November 2012, ICBC acquires a 80% stake (valued at $600 million) of Standard Bank Argentina, the largest operation of a Chinese bank in Latin America. In Argentina, the bank has ~1,000,000 individual customers, ~30,000 companies of all categories and more than 1600 corporate companies.

During the 2013 Korean crisis, the Industrial and Commercial Bank of China halted business with a North Korean bank accused by the United States of financing Pyongyang's missile and nuclear programs.[38]

It was announced at the end of July 2013 that South Africa's Standard Bank was in talks to sell its markets business in London to the Industrial and Commercial Bank of China for more than $500 million.[39]

On 24 September 2014, ICBC Kuwait Branch officially opened in Kuwait City, capital of Kuwait. As the first and currently the only Chinese bank in Kuwait, the establishment of ICBC Kuwait Branch ended the history of no Chinese bank's presence in Kuwait. Meanwhile, it is also the fourth branch of ICBC in the Middle East, following branches in Dubai, Abu Dhabi and Doha.

As of 2 December 2014, ICBC is ranked the largest bank in the world by assets and by tier 1 capital.[40]

On 25 May 2015, the Company further strengthened its presence in the Middle East and Europe by purchasing[41] Turkey's TekstilBank and forming its ICBC Turkey subsidiary.

On 17 February 2016, the Spanish Guardia Civil raided the offices of ICBC in Madrid, Spain, investigating suspicions of money laundering.[37]

On 18 November 2016, the bank obtained a license to take deposits in Russia.

ICBC Financial Services, the bank's brokerage unit, provided about $88 billion of repo financing at the end of 2015, up from $59 billion two years ago, according to regulatory filings. The figures are before netting agreements that can be used to reduce overall assets and liabilities. Almost all the repo financing that ICBC provides is on U.S. government bonds.[42]

ICBC launched robo-advisor service to its wealth-management operations in 2017.[43][44]

In October 2017, the Bank reported a 3.3 percent rise in its net profit for the third quarter.[45]

ICBC reported 10.3 pct growth in its profit along with exceptional growth in its revenue during the year 2021. This was caused by the gradual recovery of the Chinese economy after the COVID-19 pandemic.[46]

In November 2023, the bank was subject to a ransomware attack, preventing certain trades from clearing.[47] The attack was against the US unit of ICBC, which at the time was considered the world's largest lender by assets, as reported by Bloomberg.[48] The bank was hacked by Lockbit, a ransomware group.[49] described by Bloomberg as "a criminal gang with ties to Russia."[48] The attack against ICBC resulted in the bank being unable to clear a large number of US Treasury trades over the next day, and forced others to reroute orders, upsetting normal operations.[50] Lockbit ultimately claimed that the bank paid the ransom.[51]

Finances

Accounting

ICBC has the policy[52] of preparing accounts conforming to the[8] International Financial Reporting Standards,[53][8] accepting specifically criteria IFRS 9 (pertains to the definition and rating of asset, liability, and a number of all of the existing purchasing contracts for non-financial purchases[54]) from 1 January 2018. and IFRS 16 (pertaining to lease[55]) from 1 January 2019.[52]

Basic figures

2005

In 2005, net profit was up 12.4% to RMB 33.7 billion, and the total loan balance was RMB 3,289.5 billion. Total liabilities are RMB 6,196.2 billion, up 11.2%. Delinquent or non-performing loans (NPL) total RMB 154.4 billion, a significant reduction although the figures are widely regarded as being somewhat higher than officially stated. It has an NPL ratio of 4.69% and a capital adequacy ratio of 9.89%.

Summary

2003–2018

Financials in Renminbi[5][56][57][58][59][60][61]

Year20032004200520062007200820092010
Revenue, bln107.5126.7193.1181.6257.4310.2309.4380.7
Net Income, bln2.4732.31133.7049.2681.52110.8129.4166.0
Assets, trln5.2795.6716.4547.5098.6849.75711.7913.46
Equity, bln170.5163.0253.4466.5538.4602.7673.9820.4
Year20112012201320142015201620172018
Revenue, bln470.6529.7578.9634.9668.7641.7675.7725.1
Net Income, bln208.4238.7263.0276.3277.7279.1287.5298.7
Assets, trln15.4817.5418.9220.6122.2124.1426.0927.70
Equity, bln956.71125127415311789197021272330

Loans

Listed to industry

In millions of Chinese RMB (Yuan) in 2005:

  • Manufacturing: 662,376, 20.1% (28.7% in 2004)
  • Transportation, storage, postage & telecommunications: 367,371, 11.2% (10.2% in 2004)
  • Power, gas and water: 281,179, 8.6% (7.0% in 2004)
  • Retail and wholesale, catering: 265,906, 8.1% (6.9% in 2004)
  • Property development: 194,024, 5.9%, (5.6% in 2004)
  • Social service organization: 103,070, 3.1%, (3.2% in 2004)
  • Construction: 89,666, 2.7%, (2.1% in 2004)
  • Other industries: 313,804, 9.5%, (12.1% in 2004)
  • Discounted bills: 392,717, 11.9%, (8.4% in 2004)
  • Personal loans: 515,042, 15.7%, (13.1% in 2004)
  • Overseas business: 104,398, 3.2%, (2.7% in 2004)

Total: 3,289,553

With collateralization

  • Secured by mortgages: 34.1%
  • Secured by other collateral: 22.1%
  • Guaranteed loans: 23.3%
  • Unsecured loans: 20.5%

Non-performing

At the end of 2004, 19.1% of ICBC's portfolio consisted of non-performing loans.[62] To clean up ICBC's balance sheet and prepare it for overseas listing, the Chinese government orchestrated a series of capital injections, asset transfers, and government-subsidised bad loan disposals that eventually cost more than US$162 billion.[63] This included an approval for a cash injection of US$15 billion (financed from China's massive foreign exchange reserves) on 28 April 2005.[64] The Beijing-based state company, China Huarong Asset Management, helped ICBC dispose of its bad loans. As the 2005 annual report records, just under 5% of loans are classified as non-performing, in comparison with the majority of western banks who have lower NPL ratios (US commercial banks are typically around 1%).[65]

Board of directors

The company has 449,226 employees. There are 24 members of the board, with one chairman, one supervisory board chairman and one vice-chairman. Chen Siqing, the current chairman, assumed his role[66] after resigning in April 2019 from Bank of China, where he was the chair, executive director and chairman and participating board member within the Strategic Development Committee. Siqing had no disagreement with the Board at the time of his resignation, made purely for the reason of vocational change to ICBC.[67] Yi Huiman, the previous chairman, finished with the company to fulfil the position of chairman at the China Securities Regulatory Commission.[68]

As of 17 May 2020, the board is as stands:[69]

Environmental policy and record

In 2008 ICBC was the first Chinese Bank to adopt the Equator Principles, an international set of social and environmental standards for financial institutions launched in 2003.[70] It has also adopted the Green Credit Policy launched in 2007 by the Chinese Ministry of Environmental Protection.[71] International environmental groups have criticized ICBC for failing to adhere to its social environmental standards and of being hypocritical, because ICBC is involved in the financing of the controversial Gilgel Gibe III Dam in Ethiopia.[70]

Subsidiaries

Domestic

International

Controversies

In 2005, the Chinese government arrested several government officials in addition to bankers with regards to the accusation of a scheme to take illegally US$900 million from ICBC.[72]

In November 2015, ICBC Standard Bank, an overseas subsidiary acquired in February of that year, agreed to pay a fine of a maximum of $40 million to UK authorities.[73]

On 17 February 2016, the Spanish Guardia Civil supported by Europol, arrested six executives of the Spanish location of the bank accused of money-laundering, who were convicted in 2020 by the Audiencia Nacional.[74][75]

In 2018, the US Federal Reserve had found "serious deficiencies" of the bank, on, anti-money laundering protections.[76]

On 12 August 2021, a former senior banker at Industrial and Commercial Bank of China, Gu Guoming was sentenced to life in jail by Chinese authorities, after being found guilty of bribery.[77]

Awards

References

  1. ↑ Chinese language version and transliteration here does not include the word "Limited", as shown within the introduction; c.f. (foot of p.207) "..ICBC's legal status was changed..its new name changed to ICBC Limited...", in, Franklin Allen, Darien Huang, Jun 'QJ' Qian, Mengxin Zhao (2012) — p. 207 of (Masahiko Aoki, Jinglian Wu; editors) — The Chinese Economy: A New Transition, published by Palgrave Macmillan 19 October 2012 ISBN 1137034300, ISBN 9781137034304 – accessdate 2020-02-08 ("limited" sourced originally from within ICBC Business Review, published by ICBC, – accessed 2020-02-06)
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  6. 1 2 "ICBC Annual Report 2016" (PDF). ICBC. Archived (PDF) from the original on 1 December 2017. Retrieved 28 November 2017.
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  23. 1 2 北京市人民政府批转《中国人民银行北京市分行关于银行体制改革的请示》的通知 (Press release) (in Chinese (China)). Beijing Municipal People's Government. 31 January 1984. p. 3. Retrieved 6 February 2020.) – re-access (using translation function) 26 February 2020
  24. ↑ Roach, Stephen S. (2022). Accidental Conflict: America, China, and the Clash of False Narratives. New Haven: Yale University Press. doi:10.12987/9780300269017. ISBN 978-0-300-26901-7. JSTOR j.ctv2z0vv2v. OCLC 1347023475.
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  26. ↑ "ICBC's Five Branches in Europe Start Operation". Icbc.com.cn. Archived from the original on 16 September 2016. Retrieved 11 January 2017.
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  28. ↑ "A dragon stirs". The Economist. 12 October 2006. Archived from the original on 7 November 2006. Retrieved 3 December 2006.
  29. 1 2 "VRL KnowledgeBank". 29 September 2007. Archived from the original on 29 September 2007. Retrieved 4 December 2017.
  30. ↑
  31. ↑ "HITC Business – News". News.hereisthecity.com. Archived from the original on 11 March 2011. Retrieved 11 January 2017.
  32. ↑ "Order Approving Establishment of a Branch-Industrial and Commercial Bank of China Limited" (PDF). Federalreserve.gov. Archived (PDF) from the original on 1 August 2017. Retrieved 4 December 2017.
  33. ↑ Melby, Caleb (28 November 2016). "When Chinese Bank's Trump Lease Ends, Potential Conflict Begins". Bloomberg.com. Bloomberg L.P. Retrieved 17 December 2020.
  34. ↑ Alexander, Dan. "Forbes Estimates China Paid Trump At Least $5.4 Million Since He Took Office, Via Mysterious Trump Tower Lease". Forbes. Retrieved 3 April 2023.
  35. ↑ China's largest bank to fund devastating Ethiopian dam Archived 14 June 2010 at the Wayback Machine, Survival International
  36. ↑ China's Biggest Bank to Support Africa's Most Destructive Dam Archived 17 June 2010 at the Wayback Machine, International Rivers
  37. 1 2 "Spain's Civil Guard Launches Money Laundering Operation Against China's ICBC In Madrid". Thespainreport.com. Archived from the original on 27 May 2018. Retrieved 11 January 2017.
  38. ↑ "More Chinese banks stop transactions with N.Korea – Mubasher". English.mubasher.info. 11 May 2013. Archived from the original on 12 October 2017. Retrieved 18 May 2013.
  39. ↑ Standard Bank to sell London business to ICBC for over $500 mln, International: Reuters, 31 July 2013, archived from the original on 24 September 2015, retrieved 1 July 2017
  40. ↑
  41. ↑ "ICBC becomes active in Turkey". Hurriyet Daily News. 25 May 2015.
  42. ↑ "Using Chinese Money, a Hedge-Fund Startup Bets Big in Treasuries", Bloomberg.com, 22 August 2016, archived from the original on 22 October 2016, retrieved 7 March 2017
  43. ↑ "ICBC launches robo-adviser service for wealth-management products". South China Morning Post. Archived from the original on 14 November 2017. Retrieved 14 November 2017.
  44. ↑ "ICBC Begins Robo Wealth Management". Finews.asia. Archived from the original on 15 November 2017. Retrieved 14 November 2017.
  45. ↑ "UPDATE 1-China's top bank ICBC Q3 profit rises 3.3 pct, above estimates". Reuters. 2017. Archived from the original on 15 November 2017. Retrieved 14 November 2017.
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  47. ↑ "Ransomware attack on ICBC disrupts US Treasury market". Financial Times. Retrieved 3 April 2023.
  48. 1 2 https://www.bloomberg.com/news/articles/2023-11-09/icbc-seen-hit-by-ransomware-gang-linked-to-boeing-ion-attacks?srnd=undefined
  49. ↑ https://www.bloomberg.com/news/articles/2023-11-17/lockbit-gang-hacks-into-another-firm-and-threatens-to-dump-data?srnd=undefined#xj4y7vzkg
  50. ↑ https://www.bloomberg.com/news/articles/2023-11-14/icbc-flies-top-executives-to-us-in-race-to-contain-hack-fallout?srnd=undefined#xj4y7vzkg
  51. ↑ https://www.scmp.com/news/world/united-states-canada/article/3241417/lockbit-says-it-got-ransom-payment-icbc-over-hack-hit-us-treasury-market
  52. 1 2 Offering Circular, p.6, London Stock Exchange – accessdate 9 February 2020
  53. ↑ ifrs standards, published by Corporate Finance Institute Education Inc – accessdate 9 February 2020
  54. ↑ List of standards, published by IFRS – accessdate 9 February 2020
  55. ↑ List of standards, published by IFRS – accessdate 9 February 2020
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  57. ↑ "Annual Report 2005" (PDF). Industrial and Commercial Bank of China Limited. Retrieved 22 July 2018.
  58. ↑ "Annual Report 2008" (PDF). Industrial and Commercial Bank of China Limited. Archived (PDF) from the original on 13 October 2017. Retrieved 22 July 2018.
  59. ↑ "Annual Report 2011" (PDF). Industrial and Commercial Bank of China Limited. Archived (PDF) from the original on 24 July 2018. Retrieved 22 July 2018.
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  61. ↑ "Annual Report 2017" (PDF). Industrial and Commercial Bank of China Limited. 27 March 2018. Archived (PDF) from the original on 23 July 2018. Retrieved 22 July 2018.
  62. ↑ "C05022403.htm". 21 October 2006. Archived from the original on 21 October 2006. Retrieved 4 December 2017.
  63. ↑ Mitchell, Tom (28 October 2006). "ICBC surges on completion of IPO". Ft.com. Retrieved 11 January 2017 – via Financial Times.
  64. ↑ "China approves $15B bank injection". MarketWatch.com. Archived from the original on 13 January 2017. Retrieved 11 January 2017.
  65. ↑ "PRIVATE SECTOR ASSESSMENT" (PDF). 7 October 2007. Archived from the original (PDF) on 7 October 2007. Retrieved 4 December 2017.
  66. ↑ Company Info Industrial & Commercial Bank of China Ltd., published by the Wall Street Journal, – accessdate 7 February 2020
  67. ↑ Announcement, published and written by Bank of China – accessdate 7 February 2020
  68. ↑ South China Morning Post (2019) — Chen Siqing named ICBC chairman as string of management changes at China’s top financial institution continues, published by Bloomberg 22 April 2019 – accessdate 7 February 2020
  69. ↑ "ICBC Board".
  70. 1 2 "Ethiopia Dam Blot on China's Aid Record". South China Morning Post, Hong Kong. 7 June 2010. Archived from the original on 28 March 2014. Retrieved 2 September 2012.
  71. ↑ Motoko Aizawa, Sustainability Advisor, International Finance Corporation. "China s Green Credit Policy" (PDF). pp. 24 February 2011. Archived (PDF) from the original on 19 March 2013. Retrieved 2 September 2012. {{cite web}}: |last= has generic name (help)CS1 maint: multiple names: authors list (link)
  72. ↑ Browne, Andrew (18 January 2005). Written at Hong Kong. "Arrests Made in ICBC Scandal". The Wall Street Journal. New York City. Retrieved 6 February 2020.
  73. ↑ Bowers, Simon (27 November 2015). "ICBC Standard Bank agrees deferred prosecution settlement with SFO". The Guardian. London. Retrieved 6 February 2020.
  74. ↑ "Directors of Chinese bank arrested in Spain in money laundering probe" (Press release). Europol. 17 February 2016. Retrieved 6 February 2020.
  75. ↑ Gabilondo, Pablo (2 July 2020). "Condenan a la excúpula de ICBC en España por blanquear dinero de grupos criminales". El Confidencial. Retrieved 20 November 2023.
  76. ↑ Feng, Emily; Sender, Henny (14 March 2018). Written at Beijing and Hong Kong. "Fed finds 'serious deficiencies' at China's ICBC". Financial Times. London.
  77. ↑ "China sentences former senior ICBC banker to life for bribery". Reuters. 12 August 2021. Retrieved 12 August 2021.
  78. ↑ "ICBC". Forbes. Retrieved 6 February 2010.
  79. ↑ Swift, Ryan (16 May 2019). "Industrial and Commercial Bank of China tops Forbes' Global 2000 list for seventh year, while 'Made in China 2025' sectors languish". South China Morning Post. Hong Kong. Retrieved 6 February 2020.

Bibliography

Flora Xiao Huang, Horace Yeung (2019) Chinese Companies and the Hong Kong Stock Market, sub-heading 6.4.4, published by Routledge, 30 October 2013 ISBN 1134671113, ISBN 9781134671113

  • Business data for Industrial and Commercial Bank of China:
  • Financial Reports
  • (in Chinese) Industrial and Commercial Bank of China
  • Industrial and Commercial Bank of China
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