Industrial and Commercial Bank of China – The Biggest Bank

The Industrial and Commercial Bank of China Limited is considered the largest bank in the People’s Republic of China measured by total assets and it is the largest bank in the world . The bank has 17,200 branches in which 5.8 million business and 530 million private customers are served. With 412 branches outside Asia, the bank  is active worldwideit had nearly 100,000 ATMs.  In 2007, the Industrial and Commercial Bank of China overtook Citigroup as the highest-rated bank for the first time . 

Industrial and Commercial Bank of China logo
Name of The BankIndustrial and Commercial Bank of China
Creation1984
Websitewww.icbc.com.cn
CapitalizationUS $ 229.8 billion
TurnoverUS $ 151.4 billion
Net profitUS $ 42 billion
Key dates2006: opening of the capital
Legal formPublic company; State-owned enterprise
ActionHong Kong Stock Exchange (1398, 4603 and 4604) 4 , 5 , 6 , Shanghai Stock Exchange (601398) and Australian Securities Exchange (ICB) 7
The head officeBeijing
ShareholdersChinese state (78%)Public (22%)
ActivityBank
ProductsFinancial services
SubsidiariesIndustrial and Commercial Bank of China ( en ) , Bank ICBC Indonesia ( d ) , Tekstilbank ( en ) and Industrial and Commercial Bank of China (Macau) ( en )

The bank’s total market capitalization was $ 305 billion in early 2019, making it one of the most valuable in the world. 

ICBC Beijing branch in 2 Fuxingmen South Street, Beijing

History 

The Industrial and Commercial Bank of China was founded on January 1, 1984 , by the Chinese government, with a capital of 20.8 billion yuan .On 27 October 2006 the ICBC was simultaneously listed on the Shanghai Stock Exchange and Hong Kong Stock Exchange .

In December 1978, the Communist Party of China convened the Third Plenary Session of the Eleventh Central Committee, which initiated the reform of the financial system State Council of the People’s Republic of China to decide in September 1983 that the People’s Bank of China would exclusively exercise the responsibilities of the central bank and separate its savings and credit businesses to establish a new bank. In December, the Industrial and Commercial Bank of China was formally established with a registered capital of 20.8 billion yuan and total assets of 333.3 million yuan.

October 27, 2006, Industrial and Commercial Bank of China in Shanghai Stock Exchange and Hong Kong Stock Exchange initial public offering of stock , financing amounted to 21.9 billion US dollars

As of February 24, 2010, as of the end of last year, the number of credit cards issued exceeded 52 million become the fourth largest credit card issuer in the world .
In 2014, Industrial and Commercial Bank of China ranked first on the Forbes 2014 Global 2000 list with US$148.7 billion in sales and US$42.7 billion in profits

Leave a Comment

Your email address will not be published. Required fields are marked *