ICBC

China Bank to Fund Controversial African Dam

International Rivers has confirmed that the Industrial and Commercial Bank of China is backing Ethiopia’s controversial Gibe 3 dam, whose generating equipment is to be provided by the Dongfang Electric Corporation. While...

China to Extend Africa Acquisitions

From the FT.com (subscription required): China is readying to move into Africa on a scale that far outstrips its acquisitions on the continent to date, according to the South African bank that is laying the groundwork....

Chinese Banks Report Leap in Profits

From the Financial Times: China’s three largest banks reported huge profit jumps in the first quarter in what may mark a peak in earnings this year as government measures to curb loan growth and tackle inflation start to bite....

Subprime Holdings Damp China Bank Profits

Chinese banks reported increased profits in 2007, but they’ve suffered in recent months as a result of the U.S.’s subprime-mortgage crisis. From Reuters Via Financial Times : Industrial & Commercial Bank of...

China Banks’ Profits Set to Soar

From Financial Times : Chinese banks will announce record profits for 2007 in the coming weeks in contrast with their global counterparts, which have been forced into large write-offs in the wake of the credit crisis. But 2008...

China’s Largest Bank Not Worried By Subprime Crisis – AFP

From AFP via Business Report: Industrial and Commercial Bank of China , the nation’s top lender, said it was not worried by US subprime troubles, as mortgage-backed securities were a tiny percentage of its assets. Subprime-related mortgage-backed securities amount to $1.23 billion, or 4.32 percent of the bank’s total foreign currency fixed income investments, Bank […]

China Banks Witness Profit Surge – BBC News

From BBC News: Half-year profits at two of China’s biggest banks have surged on the back of higher lending and rising fees. Industrial & Commercial Bank of China (ICBC) , China’s biggest bank, said net profits for the six months to June rose 62% to 41.04bn yuan ($5.4bn; ¬£2.7bn) Meanwhile, Bank of China revealed net […]

ICBC Chief Diagnoses Ills at China’s Mega-Bank – Li Zhigang and Cheng Fang

After the successful IPO (of state-owned commercial banks) and the entry of foreign banks, service quality is key to banks’ competence in China. In other words, the bank that provides the best service has the most competence. From Caijing.com.cn: “We identified 130 problems in 15 categories, involving more than 200 types of transactions, as part […]

ICBC $19.1 Billion IPO to Make World Record – Cathy Chan

From Bloomberg News Industrial & Commercial Bank of China Ltd., the nation’s biggest by assets, plans to raise as much as $19.1 billion in the world’s largest initial public offering, four people involved in the sale said. Beijing-based ICBC plans to offer 35.4 billion shares at HK$2.56 to HK$3.07 apiece, said the people, who declined […]

ICBC Seeks Waivers on Rules to Raise $21 Billion in Record IPO – Cathy Chan

From Bloomberg: Industrial & Commercial Bank of China, the nation’s biggest lender, will seek waivers from the government to help sell a record $21 billion of stock in an initial public offering, two people involved in the sale said. Conflicting regulations in Hong Kong and Shanghai are hampering the Beijing-based bank’s plan to sell about […]

China Approves Plans for Huge Bank IPO – Peter S. Goodman

From Washington Post China’s government Wednesday approved plans by the country’s largest bank, the Industrial & Commercial Bank of China, to raise $14 billion or more in one of the largest stock offerings ever. Never mind that Chairman Mao’s visage remains on all the money or that the country remains ruled by a Communist Party […]

ICBC Secures China Regulatory Approval for Share Sale – Luo Jun

From Bloomberg: Industrial & Commercial Bank of China, the nation’s largest lender, received regulatory approval for a public share sale, paving the way for the lender to be the first company to sell shares simultaneously in Hong Kong and Shanghai. State-owned Industrial & Commercial may raise between $10 billion and $12 billion in its Hong […]

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