Industrial And Commercial Bank Of China- THE LARGEST BANK OF THE WORLD
Industrial And Commercial Bank Of China is not only the largest bank of china but also all over the world. Industrial And Commercial Bank Of China is a chinese multinational banking company. It is a public bank whose tagline is building trust. driving confidence.. According to forbes global 2000 list it has the largest number of employees, assets, deposits, loans and number of customers. Its assets worth is 4.009 US trillion doller which makes him the largest financial institution and public company in the world.It is the first Chinese bank who achieve such ranking with a tag of number 1. it is the world’s biggest public companies which is a limited company. it’s annual deposit rate is 1.75 to 2.75% and annual loan rate is 4.75 to 4.9%.
WHY THE INDUSTRIAL AND COMMERCIAL BANK OF CHINA WAS ESTABLISHED
The Industrial And Commercial Bank Of China was founded in January 1, 1984 in Beijing as a local staterun bank.The people of china were very poor in mid 20 century due to which they learnt the importance of saving money for the future.In the year of 1979, the economy rate of rural and urban people of China was start increasing very rapidly. China’s economy and society rapidly developed and income of urban and rural residents was gradually increased, raising stronger demand for financial services. But the financial system of china was very poor and very old type. so, for improveing the financial system of china the PBC( the public bank of china) reestablish Agricultural Bank of China, Bank of China and People’s Construction Bank of China .Now on 1983 the financial system was improving very rapidly so, as to enhance the centralized management and comprehensive balance of credit capital and better serve the macro-economic decision-makings the public bank of china establish The Industrial And Commercial Bank Of China.
THE SUCCESS STORY OF THE INDUSTRIAL AND COMMERCIAL BANK OF CHINA
After the establishment of The Industrial And Commercial Bank Of China in Beijing the first european branch was establish on 1999 in Luxembourg which became the European headquarters of the bank in 2011. it also establised it’s branch in Paris, Amsterdam, Brussels, Milan, Madrid, Barcelona, Warsaw and Lisbon in 1999. in 2005 ICBC bought the Hong Kong subsidiary of Fortis Bank and rebranded it under its own name on 10 October 2005 as ICBC Asia.In August 2008, it became the second Chinese bank who established its branch in New York City. in 2006, According to Bloomberg, ICBC’s market capitalisation at the end of trade based on its Hong Kong shares was US$156.3 billion, making its equity the world’s fifth highest among banks, just behind JP MORGAN CHASE.