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Topic: Industrial and Commercial Bank of China

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	FRB: Press Release -- Approval of application of Industrial and Commercial Bank of China -- January 27, 1997
		Industrial and Commercial Bank of China ("Bank"), Beijing, People's Republic of China, a foreign bank within the meaning of the International Banking Act ("IBA"), has applied under section 10(a) of the IBA (12 U.S.C. § 3107(a)) to establish a representative office in New York, New York.
		Bank is required to submit various periodic financial and regulatory reports to the PBOC, including balance sheets, income statements, analyses of classified loans and external debt, reports on foreign exchange risk, and reports on deposits, borrowings, guarantees, and securities and investments.
		Bank proposes to monitor and control the activities of the representative office through a similar combination of periodic reports and annual internal audits, as well as through meetings between staff of the representative office and Bank's head office.
	www.federalreserve.gov /BoardDocs/Press/bhc/1997/19970127 (1745 words)

	Personal Settlement Account-Convenient Banking-Personal Banking-Industrial and Commercial Bank of China
		ICBC is the first bank to centralize all digital data in china so that transfer, remittance and inter-city deposit can be credited into account real time.
		According to Peoples' Bank of China, if current/savings account passbook/Money Link Card is an account of a company for payment of payroll/bonus, then this account will be automatically become settlement account, no need to confirm with ICBC again.
		ICBC converts those current/savings account in application and used as settlement account before as settlement account for your convenience, and you can confirm the nature of account when using it.
	www.icbc.com.cn /e_icbcmodule/thirdindex.jsp?column=Personal+Banking%3EConvenient+Banking%3EPersonal+Settlement+Account (735 words)

	Financial Services -- U.S. Commercial Service China
		China's banking system has undergone significant changes in the last two decades: banks are now functioning more like banks than before.
		In 1995, the Chinese Government introduced the Commercial Bank Law to commercialize the operations of the four state-owned banks, the Bank of China (BOC), the China Construction Bank (CCB), the Agricultural Bank of China (ABC), and the Industrial and Commercial Bank of China (ICBC).
		Small foreign exchange deposits of Chinese residents with foreign banks in China were included in the PBOC interest rate administration of small foreign exchange deposits, so that domestic and foreign financial institutions are treated fairly with regard to the interest rate policy of foreign exchange deposits.
	www.buyusa.gov /china/en/bank.html (2021 words)

	No. 1 China bank gets IPO clearance - Business - International Herald Tribune
		Industrial & Commercial, which is state-owned, may raise $10 billion to $12 billion in its Hong Kong share sale as early as the third quarter, bankers involved in the initial public offering said in May. Last Thursday, bankers said the bank might list simultaneously in Shanghai and Hong Kong.
		Bank of China, the second-largest lender in China, last month lured 677.3 billion yuan of bids for a sale of 20 billion yuan, in the nation's largest domestic equity offering, four weeks after an $11.2 billion global IPO in Hong Kong.
		Industrial & Commercial, with 16 percent of China's $4.9 trillion in banking assets, has secured strategic investments from the National Social Security Fund, which invested 18 billion yuan in June, and overseas investors including Goldman Sachs, Allianz and American Express, which paid a total of $3.78 billion for a 10 percent stake in January.
	www.iht.com /articles/2006/07/19/business/icbc.php (703 words)

	Industrial and Commercial Bank of China (Asia) - Wikipedia, the free encyclopedia
		The Industrial and Commercial Bank of China (Asia), or more commonly known as ICBC (Asia) (Traditional Chinese: 中國工商銀行(亞洲), 工銀亞洲) is a licensed bank incorporated in Hong Kong.
		It is a subsidiary of the Industrial and Commercial Bank of China.
		ICBC acquired Union Bank (友聯銀行), founded in Hong Kong in 1964, and traded on Hong Kong Stock Exchange(SEHK: 0349 since 1973), on August 21, 2000; ICBC then renamed its acquisition ICBC (Asia) in July 2001.
	en.wikipedia.org /wiki/Industrial_and_Commercial_Bank_of_China_(Asia) (224 words)

	Techworld.com - OS and Servers News - China's biggest bank switches to Linux (Site not responding. Last check: )
		ICBC chose Linux in part because its existing front-end applications, which were developed in-house, run on the SCO Group's SCO Unix, and migrating them to Linux was determined to be an easier upgrade path than switching the applications to Windows, according to Claude Zhou, general manager of Turbolinux China.
		ICBC is not the only one of China's four main banks to have decided to deploy Linux.
		Agricultural Bank of China, another of the country's top four banks, is expected to announce within the next month a tender for a Linux site licence that is similar to the ICBC project, he said.
	www.techworld.com /opsys/news/index.cfm?NewsID=3582 (974 words)

	USATODAY.com - Chinese bank IPO expected to raise $19 billion (Site not responding. Last check: )
		The Industrial and Commercial Bank of China's planned Oct. 27 debut on exchanges in Hong Kong and Shanghai is an important step toward a Chinese banking system that operates on commercial rather than political criteria.
		For years, Chinese banks were an arm of the state, serving as the conduit for Communist Party leaders to funnel money to the giant state-owned industries that provided jobs, housing and social benefits to Chinese workers.
		As ICBC prepares for its record-setting listing, the danger of a new flood of red ink coupled with the prospect of continued government involvement in banking is discouraging some investor interest.
	www.usatoday.com /money/world/2006-10-04-china-bank-usat_x.htm (890 words)

	Industrial and Commercial Bank of China (Site not responding. Last check: )
		Established on January 1, 1984, the bank is one of China's specialized banks.
		--To extend loans for circulating funds to state-owned industrial and commercial enterprises, city and town collective enterprises, and private industry and commerce.
		--To settle the accounts for industrial and commercial establishments.
	sunset.backbone.olemiss.edu /~yguo/gsy.htm (159 words)

	Investors have reason to count on ICBC_Insight—China Economic Net
		The more remarkable state-owned commercial banks' achievements in their reforms are, the more conspicuous the value of investment is. With a view on the performance of CCB and ICBC, both of which have got listed, they do have brought stable returns at a comparatively high level for investors.
		ICBC is provided with the most extensive network in China's urban areas, the largest balance scale and the highest net incomes from interest.
		ICBC will maximize its values of acting as a shareholder and maintain the overall objectives for its sustainable growth so as to demonstrate the most outstanding aspect of China's commercial banks.
	en.ce.cn /Insight/200610/23/t20061023_9082918.shtml (1154 words)

	China banking giant ICBC sets IPO price - Boston.com
		Industrial and Commercial Bank of China, the country's biggest bank, set the price for its Shanghai initial public offering at 3.12 yuan (US$0.39; euro0.31) a share, citing overwhelming demand from investors.
		The bank exercised its so-called greenshoe option, raising the number of yuan-denominated shares to be issued on the Shanghai Stock Exchange to 14.95 billion, up from the original allotment of 13 billion, it said in a statement.
		Like other Chinese banks, ICBC has been revamping its operations to improve its competitiveness ahead of an opening of the industry to more foreign competition at the end of the year.
	www.boston.com /business/articles/2006/10/22/china_banking_giant_icbc_sets_ipo_price (236 words)

	Industrial & Commercial Bank of China: Beijing's 'glass city' applauded for its sense of openness
		Industrial and Commercial Bank of China: Beijing's 'glass city' applauded for its sense of openness
		The headquarters of ICBC, China's second largest bank, is situated only three blocks from Tiananmen Square and the seat of China's national government.
		The bank's leadership had a strong desire to develop a highly transparent building to house a modern working community.
	www.dupont.com /safetyglass/lgn/stories/1907.html (776 words)

	Nortel Networks: Nortel Networks Delivers Business Continuity to Industrial and Commercial Bank of China
		ICBC (www.icbc.com.cn) is the largest state-owned commercial bank in China, with approximately 30,000 branches and offices nationwide and a strong international presence.
		In 2000, ICBC was named China’s “Bank of the Year” by The Banker magazine and “The Best Domestic Bank” in China by Euromoney.
		In The Banker’s 2001 ranking for global banks, ICBC ranked seventh among the world’s top 1,000 banks in terms of tier-one capital.
	www.nortel.com /corporate/news/newsreleases/2002c/08_07_02_icbc.html (675 words)

	Worrying Sign For China's Banks - Forbes.com (Site not responding. Last check: )
		As Industrial and Commercial Bank of China prepares to list its shares in Hong Kong and Shanghai on Friday after its record-setting $22 billion initial public offering last week, a government regulator is warning that all is not well in the country’s banking industry.
		Liu said credit-risk management at Chinese banks remains unsatisfactory, even though nonperforming loans as a percentage of bank assets dropped to 7.6% at then end of Sept. from 8.9% at the start of the year.
		As ICBC begins trading, it is interesting to note that medium- and long-term loans comprise 49% of its total lending.
	www.forbes.com /home/markets/2006/10/26/china-banks-loans-markets-emerge-cx_vk_1026markets01.html (491 words)

	Orders Soar for China Bank's Offering - washingtonpost.com
		Industrial and Commercial Bank of China Ltd. attracted orders totaling more than $54 billion from Hong Kong investors, or 78 times the shares available, for its initial public offering, three bankers involved in the sale said.
		ICBC is seeking $19.1 billion for the world's biggest IPO and plans to set the price of its shares later today in the United States.
		The bank has the biggest customer network among China's banks and was the first of the five biggest to implement a nationwide computer system across its 18,000 branches to improve risk management.
	www.washingtonpost.com /wp-dyn/content/article/2006/10/19/AR2006101901625.html (720 words)

	CNN.com - China advances bank reform plans - Nov. 26, 2003
		China has set up a cabinet-level group to push reforms of the top state banks that include plans to inject capital to help them float shares, government sources say.
		The regulator would push corporate governance at Bank of China, Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank of China while the other two agencies would focus on capital injection, the official said.
		A report late last year on China's financial system said the bad loans could be as high as $720 billion and could require a $320 billion rescue package.
	cnn.com /2003/BUSINESS/11/25/china.banks.reut (259 words)

	Industrial and Commercial Bank of China, Fortis Bank, Banknet India
		ICBC (Asia) would rank sixth among banks operating in Hong Kong from its previous position of tenth in terms of total assets.
		ICBC (Asia) is strong in corporate banking, while FBAHK has a respectable retail and commercial banking franchise.
		Following the acquisition ICBC (Asia) shall be able to benefit from FBAHK’s experience and technology in retail and commercial banking.
	www.banknetindia.com /banking/0415.htm (475 words)

	People's Daily Online -- China's largest commercial bank launches IPO
		ICBC is expected to issue 13 billion A shares that will list on the Shanghai Stock Exchange.
		ICBC has already started the road show for up to 40.7 billion H shares that will be listed on the Hong Kong stock exchange.
		ICBC is the third of the "Big Four" state-owned commercial banks to list on the stock market after the Bank of China and China Construction Bank.
	english.people.com.cn /200609/27/eng20060927_306861.html (322 words)

	Price Surges on Debut Day for Shares in China Bank - New York Times
		The investment banks that underwrote the public offering, including Merrill Lynch and Credit Suisse, stand to make as much as $400 million in combined banking fees, yet another indication that China is starting to play a central role in global banking and finance.
		Those three banks have recorded the three biggest initial public stock offerings since 2000, and there are few companies left in China that are as big, as highly sought after or as important to the Chinese government.
		Industrial and Commercial Bank is the biggest bank of them all, with 355,000 employees and about $800 billion in assets.
	www.nytimes.com /2006/10/28/business/worldbusiness/28ipo.html?ex=1319688000&en=39261edd60f44ac7&ei=5088&partner=rssnyt&emc=rss (932 words)

	Industrial and Commercial Bank of China - Wikipedia, the free encyclopedia
		ICBC was simultaneously listed on both the Hong Kong Stock Exchange and Shanghai Stock Exchange on 27 October 2006.
		China’s largest commercial bank is also the first company to debut simultaneously on both the Hong Kong and Shanghai stock exchanges.
		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 around 1%) [10].
	en.wikipedia.org /wiki/Industrial_and_Commercial_Bank_of_China (685 words)

	China's insurers prefer bank stocks_Insight—China Economic Net (Site not responding. Last check: )
		The cooperation is beneficial for ICBC to get listed steadily and have its development accelerated while China Life can benefit from the cooperation for it will help to increase channels to utilize insurance funds, get the structure of insurance assets optimized and improve the gains from investment with insurance funds.
		From China Construction Bank's offering of its H-shares to Bank of China's offering of its A-shares and H-shares, and then ICBC's offering of its A-shares and H-shares, more and more insurance funds have been invested in the stocks of banks; so the relationship between the banks and insurance industry is getting increasingly close.
		For the enthusiasm of insurance companies in investing in banks, certain experts warned that to invest in commercial banks would challenge insurance companies' capability of risk management and their strategic capability to control the situation in a specific field.
	en.ce.cn /Insight/200611/16/t20061116_9445649.shtml (713 words)

	BBC NEWS \| Business \| China's biggest lender 'to float'
		China's biggest lender, Industrial and Commercial Bank of China (ICBC), plans to float in Hong Kong later this year, Chinese state media has reported.
		China's banking market is due to be opened up to international competition from December.
		ICBC is in the middle of a restructuring, which is expected to be completed by the end of June.
	news.bbc.co.uk /1/hi/business/5075460.stm (191 words)

	Industrial and Commercial Bank of China
		ICBC runs the largest corporate banking business in China and supports many infrastructural construction, primary industries, pilot projects, key enterprises as well as small and medium-sized enterprise development.
		ICBC has the largest customer base in personal finance and bank card services.
		In 2005, ICBC continued to dominate the market in various retail banking service areas including resident savings, personal loan, personal intermediary services and bank card.
	www.chinadaily.com.cn /bizchina/2006-11/21/content_738592.htm (142 words)

	Industrial and Commercial Bank of China (Asia) Limited Company Profile - 349 HONG KONG Market Size, Market Share and ...
		Industrial and Commercial Bank of China (Asia) Limited.
		The Group's principal activities are the provision of commercial banking, retail banking, treasury and markets, corporate banking and investment banking.
		Commercial and retail banking includes retail banking, commercial lending and trade finance.
	wrightreports.ecnext.com /coms2/reportdesc_COMPANY_C344W3300 (225 words)

	Biggest Bank in China Planning an I.P.O. - New York Times
		The People’s Bank of China, the country’s central bank, transferred $15 billion of the country’s foreign exchange reserves to the Industrial and Commercial Bank last year; a year earlier, the central bank transferred $22.5 billion apiece to the Bank of China and China Construction Bank, and both have since conducted initial public offerings here.
		China Merchant Bank’s first-day performance on Friday eclipsed the 15 percent rise posted on June 1 in the first day of trading here of the Bank of China’s initial public offering, which raised $9.7 billion.
		But Chinese banks have engaged in a surge of new loans over the last year that have diluted the proportion of nonperforming loans in their portfolios but have also raised questions about whether another large crop of bad loans may appear in the future.
	www.nytimes.com /2006/09/23/business/worldbusiness/23bank.html?ex=1316664000&en=077ca034e36c8b3e&ei=5088&partner=rssnyt&emc=rss (869 words)

	Industrial & Commercial Bank of China Sets New IPO Record at $19.1 Billion - Seeking Alpha (Site not responding. Last check: )
		ICBC is the first simultaneous offering in Hong Kong and Shanghai, and will begin trading on October 27th, at which time it could surpass Japan's Mitsubishi UFJ -- valued at $135 billion -- to become the world's 5th largest bank.
		ICBC has the largest retail banking customer-base in China, servicing 153 million, compared to Russia's entire population of 143 million, as the Bloomberg journalist mentions.
		Shares of rival Bank of China, the second largest bank in China, have risen 15% since it completed an $11.2 billion IPO in May that was also heavily oversubscribed.
	china.seekingalpha.com /article/18887 (425 words)

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