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Industrial and Commercial Bank of China history
Industrial and Commercial Bank of China company history timeline
The company was founded on January 1, 1984 and is headquartered in Beijing, China.“
Since 1984, the provinces, municipalities and autonomous regions started with the separation move one after another.
After one year of active efforts, by the beginning of 1985, except for Qinghai and Hainan (provinces not established yet back then), all the remaining provinces, municipalities and autonomous regions nationwide had fulfilled the task of institutional separation of the PBC and ICBC.
In December 1993, the State Council released the Decision on the Financial System Reform, putting forward a new round of reform targets and measures themed on improving and rectifying the financial order.
ICBC was simultaneously listed on both the Hong Kong Stock Exchange and Shanghai Stock Exchange on 27 October 2006. It was the world's largest IPO at that time valued at US$21.9 billion, surpassing the previous record US$18.4 billion IPO by Japan's NTT DoCoMo in 1998.
ICBC (Europe) S.A. operates a network covering branches in major European cities, namely Paris, Amsterdam, Brussels, Milan, Madrid, Barcelona,Warsaw and Lisbon.1999
The Bank changed its name to “Industrial and Commercial Bank of China (Asia) Limited” on 21 August 2000 following its becoming a member of ICBC Group.
In July 2001, ICBC injected the corporate banking business of its Hong Kong Branch into ICBC (Asia). It expanded the customer base of ICBC (Asia), improved its deposits and loans portfolio and also diversified its product mix.
In December 2001, China officially joined WTO, which drew open the curtain of opening up and economic system reform in a broader field and at a deeper level.
In line with the opportunities and challenges faced by the financial industry since China’s entry into WTO, starting from 2002, ICBC made intensive preparations for the joint-stock reform.
In September 2003, the State Council Leading Group on the Pilot Work for Joint-stock Reform of State-solely-owned Commercial Banks was set up.
ICBC (Asia) acquired Fortis Bank Asia HK’s retail and commercial banking operations on 30 April 2004.
After intense preparations, on October 25, 2005, the Inauguration Meeting of Industrial and Commercial Bank of China Limited & the First Shareholders’ Meeting, the First Meeting of the First Board of Directors and the First Meeting of the First Board of Supervisors were held in Beijing.
According to the decision of the State Council and as approved by China Banking Regulatory Commission, Industrial and Commercial Bank of China Limited was officially incorporated on October 28, 2005.
It has purchased the Hong Kong subsidiary of Fortis Bank and rebranded it under its own name on 10 October 2005.
During July 2007 ICBC was ranked 30th in the world in terms of revenue.
At the 2008 ALB China Law Awards, ICBC was crowned:
After 2009, the Bank carried out two rounds of reform on the banking departments of provincial (regional) branches and key county-level sub-branches with a view to boosting the competitiveness of operating units and saw the market competitiveness of relevant branches and sub-branches rise notably.
In 2010, AgBank broke ICBC’s IPO record when it raised $22.1 billion.
On 24 January 2011, ICBC opened a branch office in Madrid, Spain.
On 20 May 2011, Industrial and Commercial Bank of China Ltd. established two branches in Pakistan, one in Karachi, the other in Islamabad.
ICBC was Trump Tower's largest office tenant as of 2012.
It was announced at the end of July 2013 that South Africa's Standard Bank was in talks to sell its markets business in London to the Industrial and Commercial Bank of China for more than $500 million.
Since 2013, the Bank’s tier 1 capital has topped all comparable banks across the world; both the balance of NPLs and NPL ratio gradually declining, and loan quality leading over its global peers.
In 2013, the Bank implemented the “big corporate banking” strategy and created a “customer manager + product manager + service solution” integrated service model by grasping the financial service needs of different types of customers.
As of 2 December 2014, ICBC is ranked the largest bank in the world by assets and by tier 1 capital.
By the end of 2014, the Bank set up 338 institutions in 41 countries and regions, expanded its service coverage to 20 African countries by holding equity interest in Standard Bank Group, and established correspondent bank relationship with 1,809 foreign banks in 147 countries and regions.
ICBC Financial Services, the bank's brokerage unit, provided about $88 billion of repo financing at the end of 2015, up from $59 billion two years ago, according to regulatory filings.
On 17 February 2016, the Spanish Guardia Civil raided the offices of ICBC in Madrid, Spain, investigating suspicions of money laundering.
In October 2017, the Bank reported a 3.3 percent rise in its net profit for the third quarter.
ICBC launched robo-advisor service to its wealth-management operations in 2017.
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Industrial and Commercial Bank of China competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Bank of China USA | 1912 | $73.2B | 311,000 | 163 |
| Standard Chartered | 1853 | $14.8B | 89,000 | 521 |
| Capitol Partners | 1998 | $1.6M | 9 | - |
| DFJ | 1985 | $1.6M | 20 | - |
| Cei (coastal Enterprises, Inc.) | 1977 | $12.0M | 114 | - |
| Telsey Advisory Group | 2006 | $7.2M | 75 | - |
| Weeden & Co. | 1922 | $143.2M | 101 | - |
| Illinois Small Business Growth | 1988 | $1.6M | 30 | - |
| SIFMA | 1912 | $11.0M | 125 | 6 |
| US Capital Advisors | 2010 | $15.7M | 99 | - |
Industrial and Commercial Bank of China history FAQs
Zippia gives an in-depth look into the details of Industrial and Commercial Bank of China, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Industrial and Commercial Bank of China. The employee data is based on information from people who have self-reported their past or current employments at Industrial and Commercial Bank of China. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Industrial and Commercial Bank of China. The data presented on this page does not represent the view of Industrial and Commercial Bank of China and its employees or that of Zippia.
Industrial and Commercial Bank of China may also be known as or be related to Industrial & Commercial Bank of China, Industrial and Commercial Bank of China and Industrial and Commercial Bank of China Limited.