Category: Industrial and Commercial Bank of China

Chinese Banks’ Ratings Downgraded as Local Governments Struggle With Debt

July 13, 2023
bloombergChina Business & EconomyChina NewsGoldman Sachsguo junIndustrial and Commercial Bank of ChinaJP MorganWall Street
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Shares in Chinese banks plunged after Goldman Sachs downgraded some ratings due to high local government debt. According to a July 11 Bloomberg report, shares in China’s banking sector are on the cusp of historically low valuations. Bloomberg Intelligence’s index of Chinese bank stocks is down 14 percent from this year’s high in May, wiping…

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Hong Kong Fines ICBC, UBS Units, Others $5.7 Million for Anti-Money Laundering Breaches

November 19, 2021
ChinaHK BusinessHong KongIndustrial and Commercial Bank of ChinaUBS
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HONG KONG—Hong Kong’s banking regulator has fined four banks, including local units of Industrial and Commercial Bank of China and UBS, a combined $5.67 million for breaches of anti-money laundering rules. The four banks failed to carry out appropriate customer due diligence, the Hong Kong Monetary Authority said in a statement. ICBC (Asia) was fined…

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China’s Largest Bank to Restrict Forex and Commodities Trading

October 11, 2021
Business & EconomyChinaChina Business & EconomycommoditiesForexIndustrial and Commercial Bank of ChinaInvestmentMarkets
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China’s largest bank set to suspend new account openings for forex and commodities trading beginning next week, raising concerns over further tightening control of the country’s currency and product market. In an Oct. 8 statement, the Industrial and Commercial Bank of China (ICBC) announced restrictions on certain types of retail businesses involving foreign exchange trading….

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