Expert Chaslau Koniukh
  • Companies
  • Global investment
  • Investors
  • Terminology
  • Economy
  • Stock Market
  • World exchanges
  • Tech and Marketing
ICBC bank
Companies and corporations

Chinese ICBC bank: the field of activity of the financial conglomerate

17.09.2020
2 min read

ICBC Bank: history of creation and establishment of the corporation

China has shown excellent progress and economic growth in recent years. The country is promising in terms of doing business and has its own corporations that have conquered the international market. Their financial organizations deserve special attention. ICBC Bank is one of the best known. It operates in many countries, has offices and branches in different parts of the world.
The Corporation provides services in the sphere of banking and insurance, deals with investment direction. ICBC shares are listed on the Hong Kong and Shanghai stock exchanges and on OTC Pink.
The bank was founded in 1984 as a public institution. Until today, the main office is located in the capital Beijing. The precondition for the creation of this organization was the process of modernization of the financial system, which was decided in 1978 at the plenary session of the government. The first stage of the reform was the division of functions of the People’s Bank of China. It retained the authority of the country’s central bank, and ICBC or the Industrial and Commercial Bank of China was established to lend to the industrial segment. All regional branches of Halyk Bank have passed to it.

ICBC bank

ICBC has recorded excellent growth results during its first 10 years of operation. Its main figures increased on average by 20% per year. While in 1984 the amount of deposits was 170 billion yuan, in 1993 it had already reached 884 billion yuan. During this period, the number of loans issued increased from 247 billion to 1.113 trillion yuan. By 1993, ICBC Bank had a 40% share in the domestic market in terms of all loans issued.
At the end of 90s the reorganization of a financial institution from a state to a commercial one began. The main procedure was to reduce the number of overdue loans, some of which were transferred to China Huarong Asset Management Co. At the same time, the bank’s activities are expanding beyond China, and representative offices are being opened in Hong Kong and Luxembourg. The latter will later become the bank’s headquarters in Europe. By 2004, ICBC accounted for 18% of the total Chinese segment.
In 2005, the corporation became a joint stock company with limited liability. In 2005, the Hong Kong and Shanghai stock exchanges were listed. In 2008 ICBC opened a representative office in New York, in 2011 – in Spain and Pakistan. In 2014, the bank became the first Chinese financial institution with an office in Kuwait. Starting from 2016 he started to provide deposits in Russia.
Now ICBC bank serves more than 6 million corporate clients, 567 million – individuals.

Tags: Companies and corporations
0
Previous Post When it's worth buying bitcoin, when it's better to wait: the look of Morgan Stanley analysts Next Post Larry Page: Biography, co-founder of Google and search engine author

You Might Also Like

State Grid
Companies and corporations
State Grid electric power corporation: development of the world’s largest state-owned structure
13.03.2023
Boeing Corporation
Companies and corporations
How the Boeing Corporation came into being: early history
09.09.2022
Valero Energy Corporation
Companies and corporations
US largest refining company Valero Energy Corporation
16.12.2020
chemical corporation BASF
Companies and corporations
How BASF became a global leader
05.03.2025
Lego Group
Companies and corporations
The Lego Group: the history of the world’s most famous construction toy
29.12.2023
Apple profits
Companies and corporations
Apple’s profit was record-breaking in the fourth quarter of 2019
16.11.2020

Popular Posts

  • Ingeborg Mootz: a woman who became a stock player at the age of 75
  • Spain’s economy performs best in the EU
  • Li Ka Shing: How can success be achieved without money and education?
  • Skolkovo analysts: the Russian energy market is suffering losses

Editor's Picks

Chaslau Koniukh
Analytics

American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh.

Spokesperson
17.08.2020
Expert Chaslau Koniukh
Analytics

Chaslau Koniukh on the analysts’ opinion on the key stake size change soon

Spokesperson
18.06.2020
expert Chaslau Koniukh
Analytics

Chaslau Koniukh: Internet trade market in Russia may reach 2.78 trillion rubles.

Spokesperson
30.05.2020
Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh
Analytics

Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh

Spokesperson
16.05.2020

Popular Posts

  • Ingeborg Mootz: a woman who became a stock player at the age of 75
  • Li Ka Shing: How can success be achieved without money and education?
  • Skolkovo analysts: the Russian energy market is suffering losses
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Analysts: Egypt’s economy to continue falling in 2023
Expert Chaslau Koniukh
  • Facebook
  • Twitter
  • Instagram

© 2024 CHASLAU KONIUKH. ALL RIGHTS RESERVED. Expert in marketing and project management, international investments, financial analyst.

Menu

  • Biography
  • Companies and corporations
  • Global investment
  • Investors and Entrepreneurs
  • Economy
  • Market terminology
  • Stock Market
  • World exchanges
  • Tech and Marketing
  • Analytics