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ICBC: Beyond China

June 29, 2015

We have often heard the phrase before about China living behind the “iron curtain” alluding to its isolation. Those days are long gone now and one bank ICBC is proof that China has come a long way.

Industrial and Commercial Bank of China Limited (ICBC) provides a broad range of financial products and services around the world. The company was formerly known as Industrial and Commercial Bank of China. Industrial and Commercial Bank of China Limited was founded in 1984 and headquartered in Beijing, the People’s Republic of China.

As stated by ICBC they have presence in six continents, and its overseas network has expanded to 41 countries and regions. ICBC offers comprehensive financial products and services to 5,090 thousand corporate customers and 465 million personal customers (that’s more than the entire population of the US) by virtue of the distribution channels consisting of 17,122 domestic institutions, 338 overseas institutions and 2,007 correspondent banks worldwide. It also has an E-banking network comprising a range of Internet and telephone banking services and self-service banking centers, forming a diversified and internationalized operating structure focusing on commercial banking business and maintaining a leading position in the domestic market. ICBC was named in 2014, the “Global Bank of the Year” by the Banker. It was also ranked as the largest enterprise in the world by Forbes magazine for the second consecutive year.

ICBC operates through Corporate Banking, Personal Banking, Treasury Operations, and Others segment. The Corporate Banking segment provides financial products and services to corporations, government agencies, and financial institutions. This segment’s products and services include corporate loans, trade financing, deposit-taking, corporate wealth management, custody activities, and various corporate intermediary services.

The Personal Banking segment provides personal loans and cards, deposit-taking, personal wealth management, and personal intermediary services to individual customers.

The Treasury Operations segment is involved in the money market transactions, investment securities, and foreign exchange transactions, as well as holding derivative positions.

The Others segment offers insurance and leasing services.

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