View source for Industrial and Commercial Bank of China

{{short description|State-owned bank in China}}
{{Redirect|ICBC|4=other uses|5=ICBC (disambiguation)}}
{{Use dmy dates|date=December 2023}}
{{Infobox company
| name = Industrial and Commercial Bank of China
| logo = Industrial and Commercial Bank of China logo.svg
| logo_size = 
| image = File:ICBC ChanganAVe.jpg
| image_size = 
| image_caption = ICBC head office in Beijing
| native_name = 中国工商银行<br />''Zhōngguó Gōngshāng Yínháng''<ref>Chinese language version and [[transliteration]] here does not include the word [[Limited company|"Limited"]], as shown within the introduction; c.f. (foot of p.207) "..ICBC's legal status was changed..its new name changed to ICBC Limited...", in, Franklin Allen, Darien Huang, Jun 'QJ' Qian, Mengxin Zhao (2012) — [https://books.google.com/books?id=PmzIpgcedZMC&dq=Industrial+and+commercial+bank+of+China+changed+its+name+to+Limited&pg=PA207 p. 207]{{Dead link|date=November 2023 |bot=InternetArchiveBot |fix-attempted=yes }} of (Masahiko Aoki, Jinglian Wu; editors) — [https://books.google.com/books?id=PmzIpgcedZMC&q=Industrial+and+commercial+bank+of+China+changed+its+name+to+Limited The Chinese Economy: A New Transition]{{Dead link|date=November 2023 |bot=InternetArchiveBot |fix-attempted=yes }}, published by [[Palgrave Macmillan]] 19 October 2012 {{ISBN|1137034300}}, {{ISBN|9781137034304}} – accessdate 2020-02-08 ("limited" sourcedese+word+for+Industrial+and+commercial+bank+of+China&pg=PT"Section 1")], published by [[Routledge]] 15 July 2016, {{ISBN|1317528549}}, {{ISBN|9781317528548}} – accessdate 2020-02-08 (page locatable using the search criteria [https://www.google.com/search?client=firefox-b-d&q=the+chinese+word+for+Industrial+and+commercial+bank+of+China "the chinese word for Industrial and commercial bank of China"]: link directs to Google return page not source; this source used to source "Pinyin", [[transliteration]] ([[phonetic]]) of pinyin version and to [[Wikipedia: Verification|verify]] actual pinyin version)
*[http://learn-chinese-words.com/detail/chinese/%E4%B8%AD%E5%9B%BD%E5%B7%A5%E5%95%86%E9%93%B6%E8%A1%8C#.Xj8L9IjLe1t Learn Chinese Words], published by http://learn-chinese-words.com – accessdate 2020-02-08 < - accessed from [[Google Translate]] return of copy from within http://big5.icbc.com.cn/icbc/ (Chinese language) – accessdate 2020-02-08</ref>
| type = [[Public company|Public]]<br />[[State-owned enterprise|State-owned]]
| traded_as = {{ubl|{{SSE|601398}} (A ordinary)|{{hkse|1398}} (H ordinary) |{{SSE|360011}} (CNY preference)|{{SEHK|84602}} ([[Renminbi|CNH]] preference)|{{SEHK|4603}} (US$ preference)|{{SEHK|4604}} (€ preference)|[[Hang Seng Index|Hang Seng Component]]|[[CSI A100 Index|CSI A100]]}}
| ISIN = {{ISIN|sl=n|pl=y|CNE1000003G1}}
| foundation = {{Start date and age|1984}}
| location_city = [[Beijing]]
| location_country = [[China]]
| key_people = Liao Lin, chairman and president
| industry = [[Financial services]]
| products = {{ubl | [[Asset management]] | [[Banking]] | [[Commodities]] | [[Credit card]]s | [[Equities trading]] | [[Insurance]] | [[Investment management]] | [[Mortgage loan]]s | [[Private equity]] | [[Wealth management]] }}
| revenue = {{decrease}} {{CNY|link=yes|786.12&nbsp;[[1,000,000,000|billion]]}}<br />$110.12&nbsp;billion {{small|(2024)}}<ref name="ICBC2025">{{cite web|url=https://v.icbc.com.cn/userfiles/resources/icbcltd/download/2025/Announcement20250425_1.pdf|title=ICBC 2025 Annual Report|website=icbc.com.cn}}</ref>
| operating_income = {{increase}} {{CNY|link=yes|417.30&nbsp;[[1,000,000,000|billion]]}}<br />$58.59&nbsp;billion {{small|(2024)}}<ref name="ICBC2025" />
| net_income = {{increase}} {{CNY|link=yes|366.94&nbsp;[[1,000,000,000|billion]]}}<br />$51.54&nbsp;billion {{small|(2024)}}<ref name="ICBC2025" />
| aum = {{increase}} {{CNY|link=yes|6.9&nbsp;[[Trillion (short scale)|trillion]]}} ≈ US$1.0&nbsp;trillion {{small|(2022)}}<ref>{{cite web|url=https://v.icbc.com.cn/userfiles/Resources/ICBCLTD/download/2023/2022AnnualReport20230426.pdf|title=in pdf on page 91 (AUM)|website=icbc.com.cn}}</ref>
| assets = {{increase}} {{CNY|link=yes|48.82&nbsp;[[Trillion (short scale)|trillion]]}}  US$6.86&nbsp;trillion {{small|(2024)}}<ref name="ICBC2025" />
| equity = {{increase}} {{CNY|link=yes|3.97&nbsp;[[Trillion (short scale)|trillion]]}}<br />$557.61&nbsp;billion {{small|(2024)}}<ref name="ICBC2025" />
| num_employees = {{decrease}} 419,000 {{small|(2025)}}<ref name="ICBC in the Forbes">{{cite web|title=The World's Biggest Public Companies List – Forbes|website=[[Forbes]]|url=https://www.forbes.com/companies/icbc/#408b56f31679|access-date=16 November 2025}}</ref>
| owner = {{ubl|[[Chinese Central Government]]|(70.82% voting rights)|– [[Central Huijin Investment]] Co., Ltd (34.71%)<ref name=α202029>[http://www.huijin-inv.cn/wps/portal/!ut/p/a1/04_Sj9CPykssy0xPLMnMz0vMAfGjzOL9DMwMDJ2DDbwMfB3dDBwtDFx9_Y29jPxDzYAKInErcPc2xqvf15SAfhMi9Tu7O3qYmPsYGBiYWBgZeLo4ebiYW_oaGHiaEaffAAdwNCDk_3D9KHxKwCGAV4EJTAE-P4AV4HFkQW5oaGiEQaZnuqIiAF07oL0!/dl5/d5/L2dBISEvZ0FBIS9nQSEh/ 中央汇金投资有限责任公司] – ([https://www.google.com/search?q=%E4%B8%AD%E5%A4%AE%E6%B1%87%E9%87%91%E6%8A%95%E8%B5%84%E6%9C%89%E9%99%90%E8%B4%A3%E4%BB%BB%E5%85%AC%E5%8F%B8&rlz=1C1GCEA_enGB887GB887&oq=%E4%B8%AD%E5%A4%AE%E6%B1%87%E9%87%91%E6%8A%95%E8%B5%84%E6%9C%89%E9%99%90%E8%B4%A3%E4%BB%BB%E5%85%AC%E5%8F%B8&aqs=chrome..69i57.217376j0j4&sourceid=chrome&ie=UTF-8 Central Huijin Investment Co., Ltd]) &  [https://www.banktrack.org/bank/industrial_commercial_bank_of_china Bank Profiles], BankTrack, published November 2016, republished 2019 April 12 – accessdate 7 February 2020</ref>|– [[Ministry of Finance of the People's Republic of China|Ministry of Finance]] (34.60%)|– [[China Securities Finance]] (1.23%)|[[Temasek Holdings]] (2.44% voting rights)|{{nowrap|[[National Council for Social Security Fund|NSSF]] (2.43% voting rights)}}|Others (24.31% voting rights)}}
| ratio = {{increase}} 12.87% (CET1)<ref name=ICBC2016>{{cite web |url= http://v.icbc.com.cn/userfiles/Resources/ICBCLTD/download/2017/7_20170421.pdf |title= ICBC Annual Report 2016 |publisher= ICBC |access-date= 28 November 2017 |archive-url= https://web.archive.org/web/20171201041052/http://v.icbc.com.cn/userfiles/Resources/ICBCLTD/download/2017/7_20170421.pdf |archive-date= 1 December 2017 |url-status= live }}</ref>
| rating = 
| homepage = {{URL|https://www.icbc.com.cn|icbc.com.cn}}<br>{{URL|https://www.icbc-ltd.com/icbcltd/en/|icbc-ltd.com/en}}<br>{{URL|https://www.icbc-us.com|icbc-us.com}}
| footnotes = 
| module = 
}}
{{infobox Chinese
| s = 中国工商银行股份有限公司
| t = 中國工商銀行股份有限公司
| p = Zhōngguó Gōngshāng Yínháng Gǔfèn Yǒuxiàn Gōngsī
| l = China Industrial and Commercial Bank, Company Limited by Shares
| s2 = 中国工商银行
| t2 = 中國工商銀行
| p2 = Zhōngguó Gōngshāng Yínháng
| c3 = 工行
| p3 = Gōngháng
| order = st
}}
The '''Industrial and Commercial Bank of China''' ('''ICBC'''; {{lang-zh|中国工商银行}}) is a Chinese partially state-owned [[Multinational corporation|multinational]] banking and [[financial services]] corporation headquartered in [[Beijing|Beijing, China]]. It is the largest of the "[[Big four banks|big four]]" banks in China, and the [[list of largest banks|largest bank in the world]] by [[total assets]].<ref>{{Cite web |last=Jimenea |first=Adrian |date=30 April 2024 |title=The world's largest banks by assets, 2024 |url=https://www.spglobal.com/marketintelligence/en/news-insights/research/the-worlds-largest-banks-by-assets-2024 |website=S&P Global}}</ref> ICBC was created on {{date|1984/01/01}} from what were then the commercial banking operations of the [[People's Bank of China]]. ICBC is majority-owned by the Chinese government and has remained so after its landmark [[initial public offering]] in 2006. As end of 2021, ICBC shareholders included [[Central Huijin Investment]] (34.7 percent), the [[Ministry of Finance (China)|Chinese Ministry of Finance]] (31.1 percent), the [[National Council for Social Security Fund]] (3.5 percent), adding up to 69.3 percent under the ultimate control of the Ministry of Finance.

ICBC became the world's largest bank by total assets in 2012 (based on year-end balance sheet) and has kept this rank ever since.<ref>[[The Banker]], {{Cite news|title=Chinese bank tops global 1,000 ranking for first time|url=https://www.bbc.co.uk/news/business-23122491|work=[[BBC]]|access-date=1 July 2013|date=1 July 2013|archive-url=https://web.archive.org/web/20130701013943/http://www.bbc.co.uk/news/business-23122491|archive-date=1 July 2013|url-status=live}}</ref><ref name=α202029/><ref>[https://accuity.com/resources/bank-rankings-top-banks-in-the-world/ Ban.k Rankings – Top Banks in the World], published by [[Accuity]] ([[Reed Business Information]] Limited) – accessdate 9 February 2020</ref><ref name=a202028>Francis Garrido & Saqib Chaudhry (2019) — [https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/50964984 The world's 100 largest banks], published 5 April 2019 by [[S & P Global]] – accessed 8 February 2020</ref><ref>http://www.icbc.com.cn/icbc/en/newsupdates/icbc%20news/ICBCRanksFirstamongTop1000WorldBanksforSevenConsecutiveYears.htm – accessed 2 February 2020 (this source was used to add part not all of the associated content)</ref> It was ranked first on the [[Forbes Global 2000]] list of the world's top public companies in 2015.<ref name="Forbes Global 2000">{{cite web|title=The World's Biggest Public Companies List – Forbes|website=[[Forbes]]|url=https://www.forbes.com/global2000/list/#tab:overall|access-date=6 November 2016|archive-url=https://web.archive.org/web/20150410062432/http://www.forbes.com/global2000/list/#tab:overall|archive-date=10 April 2015|url-status=live}}</ref> On {{date|2022/12/31}}, it was the third-largest bank in the world by market capitalization at $211&nbsp;billion.<ref>{{Cite web |title=Statista |url=https://www.statista.com/statistics/264905/top-10-banks-by-market-capitalization/#:~:text=The%20U.S.%20bank%20JPMorgan%20Chase,%2C%202022%2C%20by%20market%20capitalization.}}</ref> It is one of the most profitable companies in the world, ranking fourth according to ''[[Forbes]]'' in 2022.<ref>{{Cite web |title=ICBC |url=https://www.forbes.com/companies/icbc/ |access-date=3 April 2022 |website=Forbes |language=en}}</ref> It has been designated a [[Systemically important financial institution|systemically important bank]] by the [[Financial Stability Board]] (FSB) since the start of the FSB's listing.

Several former employees of ICBC have moved on to work in prominent government positions in China. Notable ICBC alumni include [[China Securities Regulatory Commission]] Chairman [[Yi Huiman]] and [[People's Bank of China]] Governor [[Pan Gongsheng]].

==History==

===Background===
Following the [[Chinese Communist Revolution]] in 1949, China adopted a so-called [[monobank system]] in which all financial operations were operated by the [[People's Bank of China]] (PBC). In 1978-1979, the Chinese authorities initiated banking reform,<ref name="中">D. Luo (2016) —  [https://books.google.com/books?id=ON6zCwAAQBAJ The Development of the Chinese Financial System and Reform of Chinese Commercial Banks], p.1 – 1.1, published Springer 8 March 2016 {{ISBN|1137454660}}, {{ISBN|9781137454669}} The [[Nottingham China Policy Institute]] Series – accessed 26 February 2020</ref> whose effect was to transform the PBC into a proper [[central bank]] while specialized commercial banks were formed under its watch.<ref>C. Meng (2009) — [https://books.google.com/books?id=P1R1itoHqIYC Multinational Banking in China: Theory and Practice], [https://books.google.com/books?id=P1R1itoHqIYC&dq=Industrial+and+Commercial+Bank+of+China&pg=PA32 p.30 – THE LIBERALIZATION PROCESS OF CHINA'S BANKING INDUSTRY], published at [[Edward Elgar Publishing]] 1 January 2009 {{ISBN|184844611X}}, {{ISBN|9781848446113}}, New horizons in international business – accessed 26 February 2020</ref> This resulted in the gradual establishment of a [[two-tier banking system]].<ref name=中/>

===1984–2006===
By rights of a contradiction within the economic functioning of the government of China, the [[People's Republic]], the [[State Council of China]],<ref name=中2020226/> during September <ref name=中2020226中国工商银行/> 1983 made a decision to separate certain activities of the government to an exclusively operating organisation, subsequently named the Industrial and Commercial bank of China,<ref name=中2020226>http://www.icbc-ltd.com/ICBCLtd/About%20Us/ICBC%20History/ – accessed 8 February 2020</ref> established on 1 January 1984.<ref name=i2020125d>{{cite report|url=http://v.icbc.com.cn/userfiles/Resources/ICBCLTD/download/2017/7_20170421.pdf|title=2016 Annual Report|date=2017|access-date=6 February 2020|publisher=Industrial and Commercial Bank of China}}</ref>{{primary source inline|date=February 2020}} ICBC was then the fourth of the four specialist banks of 1978–1979 to be made,<ref name=中2020226中国工商银行/> from the taking of control of commercial activities<ref name=中2020226中国工商银行/> ("industrial credit and savings business"<ref name=gov.cn2020226>{{cite press release|page=3|url=http://www.beijing.gov.cn/zhengce/zfwj/zfwj/szfwj/201905/t20190523_70766.html|script-title=zh:北京市人民政府批转《中国人民银行北京市分行关于银行体制改革的请示》的通知|date=31 January 1984|access-date=6 February 2020|publisher=Beijing Municipal People's Government|language=zh-cn}}) – re-access (using translation function) 26 February 2020</ref>) from [[People's Bank of China]] so that the latter might be transformed to a newly made central bank.<ref name=中2020226中国工商银行>Vários Autores, [[Hassanali Mehran]], Bernard Laurens, Marc Quintyn, Thomas Nordman, [[International Monetary Fund]] Staff (1996) — Monetary and Exchange System Reforms in China: An Experiment in Gradualism, [https://books.google.com/books?id=945d7iFdFXgC&dq=two-tier+banking+system+of+China&pg=PT21 p.12 (loads to 10)], published by the International Monetary Fund 26 September 1996 {{ISBN|1557755620}}, {{ISBN|9781557755629}}, IMF Occasional Paper no. 141 – accessed 26 February 2020</ref><ref name=gov.cn2020226/> ICBC focused on the [[intermediation]] of deposits.<ref name=":0232">{{Cite book |last=Roach |first=Stephen S. |url= |title=Accidental Conflict: America, China, and the Clash of False Narratives |date=2022 |publisher=[[Yale University Press]] |isbn=978-0-300-26901-7 |location=New Haven |doi=10.12987/9780300269017 |jstor=j.ctv2z0vv2v |oclc=1347023475 |author-link=Stephen S. Roach}}</ref>{{Rp|page=225}}

ICBC opened its first overseas branch in [[Singapore]] in 1993. It opened a branch in [[Luxembourg]] in 1999, which became its European headquarters in 2011.<ref>{{cite web|url=http://usa.chinadaily.com.cn/epaper/2014-03/17/content_17352711.htm|title=Gateway to Europe-Business-chinadaily.com.cn|website=usa.chinadaily.com.cn|access-date=4 December 2017|archive-url=https://web.archive.org/web/20160304090909/http://usa.chinadaily.com.cn/epaper/2014-03/17/content_17352711.htm|archive-date=4 March 2016|url-status=live}}</ref> In 2000, ICBC acquired the [[Union Bank of Hong Kong]] and renamed it [[ICBC (Asia)]]. A Hong Kong-listed entity, ICBC (Asia) then purchased the Hong Kong subsidiary of [[Fortis Bank]], originally the Hong Kong branch of the [[Banque Belge pour l'Étranger]], and rebranded it under its own name on 10 October 2005.

In June 2005, ICBC established [[ICBC Credit Suisse Asset Management]] as a China [[joint venture]] with [[Credit Suisse First Boston]] and [[COSCO]], with the three partners respectively holding 55, 25, and 20 percent of the venture's equity. Subsequently, ICBC bought out COSCO's stake and acquired an additional 5 percent from Credit Suisse.

As of 2006, ICBC had 2.5&nbsp;million corporate customers and 150 million individual customers.<ref>{{cite web|url=http://www.chinadaily.com.cn/china/2006-09/27/content_698025.htm|date= 27 September 2006|title=Nation's largest commercial bank launches IPO|website=Chinadaily.com.cn|access-date=4 December 2017|archive-url=https://web.archive.org/web/20180829110225/http://www.chinadaily.com.cn/china/2006-09/27/content_698025.htm|archive-date=29 August 2018|url-status=live}}</ref>

===Initial public offering===

In the runup to its planned [[initial public offering]], on 28 April 2006, three "strategic investors" injected US$3.7&nbsp;billion into ICBC:
* [[Goldman Sachs]] purchased a 5.75% stake for US$2.6&nbsp;billion, the largest sum [[Goldman Sachs]] has ever invested.<ref>{{cite news | url=http://www.economist.com/finance/displaystory.cfm?story_id=8031185 | newspaper=The Economist | title=A dragon stirs | date=12 October 2006 | access-date=3 December 2006 | archive-url=https://web.archive.org/web/20061107071813/http://www.economist.com/finance/displaystory.cfm?story_id=8031185 | archive-date=7 November 2006 | url-status=live }}</ref>
* [[Dresdner Bank]] invested US$1&nbsp;billion.<ref name="financialservicesdistribution.com">{{cite web|url=http://www.financialservicesdistribution.com/get.asp?script=article&ID=28963|title=VRL KnowledgeBank|date=29 September 2007|access-date=4 December 2017|url-status=dead|archive-url=https://web.archive.org/web/20070929061057/http://www.financialservicesdistribution.com/get.asp?script=article&ID=28963|archive-date=29 September 2007}}</ref>
* [[American Express]] invested US$200&nbsp;million.<ref name="financialservicesdistribution.com"/>

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 [[initial public offering]] at that time valued at US$21.9&nbsp;billion, surpassing the previous record US$18.4&nbsp;billion IPO by Japan's [[NTT DoCoMo]] in 1998.<ref>[http://edition.cnn.com/2006/BUSINESS/09/27/china.icbc.reut/index.html]{{dead link|date=May 2025|bot=medic}}{{cbignore|bot=medic}} </ref> In 2010, [[Agricultural Bank of China]] broke ICBC's IPO record when it raised $22.1&nbsp;billion. China's largest commercial bank was also the first company to debut simultaneously on both the Hong Kong and Shanghai stock exchanges.

ICBC raised at least US$14&nbsp;billion in Hong Kong ([[H-shares]]) and another US$5.1&nbsp;billion in Shanghai ([[A-share (mainland China)|A-shares]]). Due to heavy subscriptions, the [[greenshoe]] (i.e. over-allotment) placements were exercised and ICBC's take rose to US$21.9&nbsp;billion (17% of ICBC's market value before the IPO), divided in US$16&nbsp;billion in Hong Kong and US$5.9&nbsp;billion in Shanghai. Following the global offering, the [[free float]] of shares was 22.14% of the [[market capitalization]].

At the end of its first day of trading, the bank's shares closed up almost 15% at HK$3.52 in Hong Kong, compared with the listing price of HK$3.07, which was set at the top of the indicative range due to the strong demand. According to [[Bloomberg L.P.|Bloomberg]], ICBC's [[market capitalisation]] at the end of trade based on its Hong Kong shares was US$156.3&nbsp;billion, making its equity the world's fifth highest among banks, just behind [[JPMorgan Chase]]. Meanwhile, ICBC's Shanghai-listed A-shares recorded more modest gains and ended up 5.1% from the offering price of RMB 3.12.

===Later developments===

In July 2007, ICBC was ranked 30th in the world in terms of revenue.<ref>{{cite web|url=http://news.hereisthecity.com/news/business_news/6935.cntns|title=HITC Business – News|website=News.hereisthecity.com|access-date=11 January 2017|archive-url=https://web.archive.org/web/20110311110100/http://news.hereisthecity.com/news/business_news/6935.cntns|archive-date=11 March 2011|url-status=live}}</ref>

In August 2008, ICBC became the second Chinese bank since 1991 to gain US federal approval to establish a branch in New York City.<ref>{{cite web|url=http://www.federalreserve.gov/newsevents/press/orders/orders20080805a1.pdf|title=Order Approving Establishment of a Branch-Industrial and Commercial Bank of China Limited|website=Federalreserve.gov|access-date=4 December 2017|archive-url=https://web.archive.org/web/20170801083621/https://www.federalreserve.gov/newsevents/press/orders/orders20080805a1.pdf|archive-date=1 August 2017|url-status=live}}</ref> ICBC had signed a lease with the [[Trump Organization]] for office space in the [[Trump Tower]] in 2008. ICBC was Trump Tower's largest office tenant as of 2012.<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2016-11-28/trump-s-chinese-bank-tenant-may-negotiate-lease-during-his-term|title=When Chinese Bank's Trump Lease Ends, Potential Conflict Begins|last1=Melby|first1=Caleb|last2=Baker|first2=Stephanie|last3=Brody|first3=Ben|date=28 November 2016|website=Bloomberg|publisher=[[Bloomberg L.P.]]|access-date=17 December 2020}}</ref> By October 2020, Donald Trump received $5.4&nbsp;million from ICBC via the Trump Tower lease.<ref>{{Cite web |last=Alexander |first=Dan |title=Forbes Estimates China Paid Trump At Least $5.4 Million Since He Took Office, Via Mysterious Trump Tower Lease |url=https://www.forbes.com/sites/danalexander/2020/10/23/forbes-estimates-china-paid-trump-at-least-54-million-since-he-took-office-via-mysterious-trump-tower-lease/ |access-date=3 April 2023 |website=Forbes |language=en}}</ref>

In June 2009, ICBC spent 80.25 million Canadian dollars (US$58.53&nbsp;million) to acquire a 70% stake in the [[Bank of East Asia]] (BEA).<ref>{{cite news |author= |date=28 January 2010 |title=Industrial and Commercial Bank of China Successfully Acquires 70% Stake in Bank of East Asia (Canada) |url=http://news.xinhuanet.com/fortune/2010-01/28/content_12893469.htm |work=Xinhua News Agency |language=Chinese |access-date=21 May 2024}}</ref> By the end of 2009, the number of credit cards issued exceeded 52 million, a 33% increase equivalent to nearly 13 million cards compared to the previous year. Including other types of bank cards, this bank has issued more than 280 million cards, becoming the 4th largest credit card issuer in the world.<ref>[http://www.cdnews.com.tw/cdnews_site/docDetail.jsp?coluid=115&docid=101074883 Industrial and Commercial Bank of China Ranks Among the World's Top 4 Credit Card Issuers] {{Webarchive|url=https://web.archive.org/web/20140106034519/http://www.cdnews.com.tw/cdnews_site/docDetail.jsp?coluid=115&docid=101074883 |date=6 January 2014 }} Central Daily News. 25 February 2010. Archived 6 January 2014.</ref><ref>{{Cite web |title=My Gift Card Mall |url=https://mygiftgiftcardmall.info/ |access-date=2024-05-21 |website=www.icbc.com.cn}}</ref><ref>{{Cite web |author=Staff Reporter |date=2010-02-25 |title=ICBC posts 33% growth in credit cards issued |url=https://asianbankingandfinance.net/cards-payments/news/icbc-posts-33-growth-in-credit-cards-issued |access-date=2024-05-21 |website=Asian Banking & Finance |language=en}}</ref>

On 24 January 2011, ICBC opened a branch office in [[Madrid]].<ref name="thespainreport.com">{{cite web|url=https://www.thespainreport.com/articles/640-160217111501-spain-s-civil-guard-launches-money-laundering-operation-against-china-s-icbc-in-madrid|title=Spain's Civil Guard Launches Money Laundering Operation Against China's ICBC In Madrid|website=Thespainreport.com|access-date=11 January 2017|archive-url=https://web.archive.org/web/20180527181232/https://www.thespainreport.com/articles/640-160217111501-spain-s-civil-guard-launches-money-laundering-operation-against-china-s-icbc-in-madrid|archive-date=27 May 2018|url-status=dead}}</ref> On 20 May 2011, Industrial and Commercial Bank of China Ltd. established two branches in [[Pakistan]], one in [[Karachi]] and the other in [[Islamabad]]. On 18 August 2011, ICBC passed the examination from [[State Bank of Pakistan]] and started its business in Pakistan.

During November 2012, ICBC acquired from [[Standard Bank]] an 80% stake (valued at $600&nbsp;million) of the former subsidiary of [[BankBoston]] in [[Argentina]], which Standard Bank had purchased in 2006. This was the largest operation of a Chinese bank in Latin America. In Argentina, the bank has ~1,000,000 individual customers, ~30,000 companies of all categories and more than 1600 corporate companies.

During the [[2013 Korean crisis]], ICBC halted business with a North Korean bank accused by the United States of financing Pyongyang's missile and nuclear programs.<ref>{{cite web |url=http://english.mubasher.info/portal/CASE/getDetailsStory.html?goToHomePageParam=true&storyId=2316528 |title=More Chinese banks stop transactions with N.Korea – Mubasher |website=English.mubasher.info |date=11 May 2013 |access-date=18 May 2013 |archive-url=https://wayback.archive-it.org/all/20171012062029/https://english.mubasher.info/news/2316528/More-Chinese-banks-stop-transactions-with-N-Korea?currentUserCountryCode=US |archive-date=12 October 2017 |url-status=live }}</ref>

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&nbsp;million.<ref>{{Citation| url = https://www.reuters.com/article/standardbank-icbc-idUSL6N0G138U20130731| title = Standard Bank to sell London business to ICBC for over $500 mln| publisher = [[Reuters]]| location = International| date = 31 July 2013| access-date = 1 July 2017| archive-url = https://web.archive.org/web/20150924183459/http://www.reuters.com/article/2013/07/31/standardbank-icbc-idUSL6N0G138U20130731| archive-date = 24 September 2015| url-status = live}}</ref> The transaction was completed on {{date|2015/02/01}}, after which the London-based operation has been known as ICBC Standard Bank.

In 2014, ICBC was the largest company in the world according to the Forbes Global 2000 list, with revenue reaching 148.7 billion USD and profit amounting to 42.7 billion USD.<ref>{{Cite web |title=中国工商银行股份有限公司网站-关于我行栏目-工行新闻栏目-中国企业首次登顶福布斯全球企业2000强 |url=https://www.icbc.com.sg/icbcltd/%E5%85%B3%E4%BA%8E%E6%88%91%E8%A1%8C/%E5%B7%A5%E8%A1%8C%E6%96%B0%E9%97%BB/%E4%B8%AD%E5%9B%BD%E4%BC%81%E4%B8%9A%E9%A6%96%E6%AC%A1%E7%99%BB%E9%A1%B6%E7%A6%8F%E5%B8%83%E6%96%AF%E5%85%A8%E7%90%83%E4%BC%81%E4%B8%9A2000%E5%BC%BA.htm |access-date=2024-05-21 |website=www.icbc.com.sg}}</ref> On 24 September 2014, ICBC Kuwait Branch officially opened in Kuwait City as the first and currently the only Chinese bank in Kuwait. Meanwhile, it is also the fourth branch of ICBC in the Middle East, following branches in Dubai, Abu Dhabi and Doha. On 25 May 2015, the Company further strengthened its presence in the Middle East and Europe by purchasing Turkey's TekstilBank and forming its [[ICBC Turkey]] subsidiary.<ref>{{cite web|publisher=Hurriyet Daily News|title=ICBC becomes active in Turkey|url=http://www.hurriyetdailynews.com/icbc-becomes-active-in-turkeys-banking-sector-.aspx?pageID=238&nID=82921&NewsCatID=345|date=25 May 2015}}</ref>

ICBC Financial Services, the bank's brokerage unit, provided about $88&nbsp;billion of repo financing at the end of 2015, up from $59&nbsp;billion two years ago, according to regulatory filings. The figures are before netting agreements that can be used to reduce overall assets and liabilities. Almost all the repo financing that ICBC provides is on U.S. government bonds.<ref>{{Citation|url = https://www.bloomberg.com/news/articles/2016-08-23/using-chinese-money-a-hedge-fund-startup-bets-big-in-treasuries|title = Using Chinese Money, a Hedge-Fund Startup Bets Big in Treasuries|website = Bloomberg.com|date = 22 August 2016|access-date = 7 March 2017|archive-url = https://web.archive.org/web/20161022115709/http://www.bloomberg.com/news/articles/2016-08-23/using-chinese-money-a-hedge-fund-startup-bets-big-in-treasuries|archive-date = 22 October 2016|url-status = live}}</ref>

On 18 November 2016, the bank obtained a license to take deposits in [[Russia]].{{Citation needed|date=June 2024}}

ICBC launched robo-advisor service to its wealth-management operations in 2017.<ref>{{Cite news|url=https://www.scmp.com/business/companies/article/2119722/icbc-launches-robo-adviser-service-wealth-management-products|title=ICBC launches robo-adviser service for wealth-management products|work=South China Morning Post|first1=Maggie|last1=Zhang|access-date=14 November 2017|language=en|archive-url=https://web.archive.org/web/20171114145016/http://www.scmp.com/business/companies/article/2119722/icbc-launches-robo-adviser-service-wealth-management-products|archive-date=14 November 2017|url-status=live}}</ref><ref>{{Cite news|url=https://www.finews.asia/finance/25951-chinese|title=ICBC Begins Robo Wealth Management|website=Finews.asia|access-date=14 November 2017|language=en-gb|archive-url=https://web.archive.org/web/20171115143226/https://www.finews.asia/finance/25951-chinese|archive-date=15 November 2017|url-status=live}}</ref>

As of April 2019, ICBC had lent US$100 billion for [[Belt and Road Initiative]] projects.<ref name=":Chen">{{Cite book |last=Chen |first=Muyang |title=The Latecomer's Rise: Policy Banks and the Globalization of China's Development Finance |date=2024 |publisher=[[Cornell University Press]] |isbn=9781501775857 |location=Ithaca and London |jstor=10.7591/jj.6230186}}</ref>{{Rp|page=143}} In BRI-participating countries, ICBC has 124 branches.<ref name=":Chen" />{{Rp|pages=143–144}}

In November 2023, the bank was subject to a [[ransomware]] attack, preventing certain trades from clearing.<ref>{{Cite news |title=Ransomware attack on ICBC disrupts US Treasury market |url=https://www.ft.com/content/8dd2446b-c8da-4854-9edc-bf841069ccb8 |access-date=3 April 2023 |work=Financial Times |language=en}}</ref> The attack was against the US unit of ICBC, which at the time was considered the world's largest lender by assets, as reported by ''Bloomberg''.<ref name="SRC4_ICBC">{{cite news | url=https://www.bloomberg.com/news/articles/2023-11-09/icbc-seen-hit-by-ransomware-gang-linked-to-boeing-ion-attacks?srnd=undefined | title=World's Largest Bank Hit by Ransomware Gang Linked to Boeing, Ion Attacks | newspaper=Bloomberg | date=9 November 2023 }}</ref> The bank was hacked by [[LockBit]], a ransomware group.<ref name="SRC2_ICBC">{{cite news | url=https://www.bloomberg.com/news/articles/2023-11-17/lockbit-gang-hacks-into-another-firm-and-threatens-to-dump-data?srnd=undefined#xj4y7vzkg | title=Lockbit Gang Hacks into Another US Financial Firm, Threatens to Dump Data | newspaper=Bloomberg | date=17 November 2023 }}</ref> described by ''Bloomberg'' as "a criminal gang with ties to Russia."<ref name="SRC4_ICBC"/> The attack against ICBC resulted in the bank being unable to clear a large number of US Treasury trades over the next day and forced others to reroute orders, upsetting normal operations.<ref name="SRC3_ICBC">{{cite news | url=https://www.bloomberg.com/news/articles/2023-11-14/icbc-flies-top-executives-to-us-in-race-to-contain-hack-fallout?srnd=undefined#xj4y7vzkg | title=ICBC Flies Top Executives to US in Race to Contain Hack Fallout | newspaper=Bloomberg | date=14 November 2023 }}</ref> Lockbit ultimately claimed that the bank paid the ransom, a statement which [[Reuters]] was unable to verify.<ref name="SRC5_ICBC">{{cite web | url=https://www.scmp.com/news/world/united-states-canada/article/3241417/lockbit-says-it-got-ransom-payment-icbc-over-hack-hit-us-treasury-market | title='Deal closed': Hacking gang says China's ICBC paid ransom over US breach | date=14 November 2023 }}</ref>

==Finances==

===Accounting===
ICBC has the policy<ref name=a202029/> of preparing accounts conforming to the<ref name=a202028/> [[International Financial Reporting Standards]],<ref>[https://corporatefinanceinstitute.com/resources/knowledge/accounting/what-are-ifrs-standards/ ifrs standards], published by [[Corporate Finance Institute]] Education Inc – accessdate 9 February 2020</ref><ref name=a202028/> accepting specifically criteria [[IFRS 9]] (pertains to the definition and rating of asset, liability, and a number of all of the existing purchasing contracts for non-financial purchases<ref>[https://www.ifrs.org/issued-standards/list-of-standards/ifrs-9-financial-instruments/ List of standards], published by [[IFRS]] – accessdate 9 February 2020</ref>) from 1 January 2018, and [[IFRS 16]] (pertaining to [[lease]]<ref>[https://www.ifrs.org/issued-standards/list-of-standards/ifrs-16-leases/ List of standards], published by [[IFRS]] – accessdate 9 February 2020</ref>) from 1 January 2019.<ref name=a202029>[https://www.londonstockexchange.com/companies-and-advisors/international/documents/silkroad.pdf Offering Circular], p.6, [[London Stock Exchange]] – accessdate 9 February 2020</ref>

===Basic figures===

Financials in [[Renminbi]]<ref name="ar2018">{{cite web|title=Annual Report 2018|url=http://v.icbc.com.cn/userfiles/Resources/ICBCLTD/download/2019/2018AnnualReport20190425.pdf|publisher=Industrial and Commercial Bank of China|access-date=31 May 2019|language=en|archive-url=https://web.archive.org/web/20190602052157/http://v.icbc.com.cn/userfiles/Resources/ICBCLTD/download/2019/2018AnnualReport20190425.pdf|archive-date=2 June 2019|url-status=dead}}</ref><ref name="ar2004">{{cite web|title=Annual Report 2004|url=http://www.icbc-ltd.com/icbc/html/download/nb/2005/p1-84en.pdf|publisher=Industrial and Commercial Bank of China Limited|access-date=22 July 2018|language=en|archive-url=https://web.archive.org/web/20110816004651/http://www.icbc-ltd.com/icbc/html/download/nb/2005/p1-84en.pdf|archive-date=16 August 2011|url-status=live}}</ref><ref name="ar2005">{{cite web|title=Annual Report 2005|url=http://www.icbc-ltd.com/icbc/html/download/nb/2005/2005_e.pdf|publisher=Industrial and Commercial Bank of China Limited|access-date=22 July 2018|language=en}}</ref><ref name="ar2008">{{cite web|title=Annual Report 2008|url=http://www.icbc-ltd.com/SiteCollectionDocuments/ICBC/Resources/ICBCLTD/%E5%B9%B4%E6%8A%A5/%E4%B8%8B%E8%BD%BD/2009/2008AnnualReport_Hshare.pdf|publisher=Industrial and Commercial Bank of China Limited|access-date=22 July 2018|language=en|archive-url=https://web.archive.org/web/20171013223951/http://www.icbc-ltd.com/SiteCollectionDocuments/ICBC/Resources/ICBCLTD/%E5%B9%B4%E6%8A%A5/%E4%B8%8B%E8%BD%BD/2009/2008AnnualReport_Hshare.pdf|archive-date=13 October 2017|url-status=live}}</ref><ref name="ar2011">{{cite web|title=Annual Report 2011|url=http://www.icbc-ltd.com/SiteCollectionDocuments/ICBC/Resources/ICBCLTD/%E4%B8%8B%E8%BD%BD/2012/2011%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8AH%E8%82%A1%E8%8B%B1%E6%96%87.pdf|publisher=Industrial and Commercial Bank of China Limited|access-date=22 July 2018|language=en|archive-url=https://web.archive.org/web/20180724154206/http://www.icbc-ltd.com/SiteCollectionDocuments/ICBC/Resources/ICBCLTD/%E4%B8%8B%E8%BD%BD/2012/2011%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8AH%E8%82%A1%E8%8B%B1%E6%96%87.pdf|archive-date=24 July 2018|url-status=live}}</ref><ref name="ar2014">{{cite web|title=Annual Report 2014|url=http://v.icbc.com.cn/userfiles/Resources/ICBCLTD/download/2015/22014AnnualReport_20150421.pdf|publisher=Industrial and Commercial Bank of China Limited|access-date=22 July 2018|language=en|archive-url=https://web.archive.org/web/20180517021051/http://v.icbc.com.cn/userfiles/Resources/ICBCLTD/download/2015/22014AnnualReport_20150421.pdf|archive-date=17 May 2018|url-status=live}}</ref><ref name="ar2017">{{cite web|title=Annual Report 2017|url=http://v.icbc.com.cn/userfiles/Resources/ICBCLTD/download/2018/720180423.pdf|date=27 March 2018|publisher=Industrial and Commercial Bank of China Limited|access-date=22 July 2018|language=en|archive-url=https://web.archive.org/web/20180723003849/http://v.icbc.com.cn/userfiles/Resources/ICBCLTD/download/2018/720180423.pdf|archive-date=23 July 2018|url-status=live}}</ref>

{| class="wikitable"
|-
! Year !! 2003 !! 2004 !! 2005 !! 2006 !! 2007 !! 2008 !! 2009 !! 2010 
|-
| Revenue, bln || 107.5 || 126.7 || 193.1 || 181.6 || 257.4 || 310.2 || 309.4 || 380.7 
|-
| Net Income, bln || 2.473 || 2.311 || 33.70 || 49.26 || 81.52 || 110.8 || 129.4 || 166.0 
|-
| Assets, trln || 5.279 || 5.671 || 6.454 || 7.509 || 8.684 || 9.757 || 11.79 || 13.46 
|-
| Equity, bln || 170.5 || 163.0 || 253.4 || 466.5 || 538.4 || 602.7 || 673.9 || 820.4 
|}

{| class="wikitable"

! Year !! 2011 !! 2012 !! 2013 !! 2014 !! 2015 !! 2016 !! 2017 !! 2018
|-
| Revenue, bln || 470.6 || 529.7 || 578.9 || 634.9 || 668.7 || 641.7 || 675.7 || 725.1
|-
| Net Income, bln || 208.4 || 238.7 || 263.0 || 276.3 || 277.7 || 279.1 || 287.5 || 298.7
|-
| Assets, trln || 15.48 || 17.54 || 18.92 || 20.61 || 22.21 || 24.14 || 26.09 || 27.70
|-
| Equity, bln || 956.7 || 1125 || 1274 || 1531 || 1789 || 1970 || 2127 || 2330
|}

==Environmental policy and record==

In 2008, ICBC was the first Chinese bank to adopt the [[Equator Principles]], an international set of social and environmental standards for financial institutions launched in 2003.<ref name=SCMP>{{cite web|title=Ethiopia Dam Blot on China's Aid Record|url=http://www.ethiopiainvestor.com/index.php?view=article&catid=69%3Aarchives&id=1422%3Aethiopia-dam-blot-on-chinas-aid-record&tmpl=component&print=1&page=&option=com_content&Itemid=88|archive-url=https://web.archive.org/web/20140328015436/http://www.ethiopiainvestor.com/index.php?view=article&catid=69%3Aarchives&id=1422%3Aethiopia-dam-blot-on-chinas-aid-record&tmpl=component&print=1&page=&option=com_content&Itemid=88|url-status=dead|archive-date=28 March 2014|publisher=South China Morning Post, Hong Kong|access-date=2 September 2012|date=7 June 2010}}</ref> It has also adopted the Green Credit Policy launched in 2007 by the Chinese Ministry of Environmental Protection.<ref>{{cite web|author=Motoko Aizawa |title=China s Green Credit Policy|url=http://www.wilsoncenter.org/sites/default/files/Motoko%20Aizawa.pdf|access-date=2 September 2012|pages=24 February 2011|archive-url=https://web.archive.org/web/20130319054952/http://www.wilsoncenter.org/sites/default/files/Motoko%20Aizawa.pdf|archive-date=19 March 2013|url-status=dead}}</ref> International environmental groups have criticized ICBC for failing to adhere to its social environmental standards and of being hypocritical, because ICBC is involved in the financing of the controversial [[Gilgel Gibe III Dam]] in Ethiopia.<ref name=SCMP/>

ICBC is among other state-owned banks to receive regulatory approval for a $13.6 billion (88.5 billion yuan) state-backed green fund in 2021. ICBC and Bank of China will finance environmentally friendly projects along the Yangtze River by investing 8 billion yuan each in the National Green Development Fund.<ref>{{Cite web|language=en|url=https://www.scmp.com/business/banking-finance/article/3131452/icbc-bank-china-get-regulators-nod-provide-financing-us136|title=ICBC, Bank of China get regulator's nod to provide financing to US$13.6 billion state-backed green fund|website=South China Morning Post|date=28 April 2021 |access-date=2024-01-29|archive-date=2024-01-27|archive-url=https://web.archive.org/web/20240127011814/https://www.scmp.com/business/banking-finance/article/3131452/icbc-bank-china-get-regulators-nod-provide-financing-us136}}</ref>

== Subsidiaries and international business ==

[[ICBC Credit Suisse Asset Management]] is a major domestic subsidiary of ICBC in mainland China. International subsidiaries include [[ICBC (Asia)]] in [[Hong Kong]], [[ICBC (Macau)]], ICBC Standard Bank in [[London]], ICBC (Europe) in [[Luxembourg]], [[ICBC Turkey]] in [[Istanbul]], ICBC Argentina in [[Buenos Aires]], as well as other significant subsidiaries in Thailand, Pakistan, Switzerland, Canada, USA, and Mexico and a retail branch in [[Singapore]].

ICBC (Europe) S.A., based in Luxembourg, operates a network covering branches in major European cities, namely Paris, [[Amsterdam]], Brussels, [[Milan]], Madrid, [[Barcelona]], [[Warsaw]] and [[Lisbon]].<ref>{{cite web|url=http://www.icbc.com.cn/icbc/icbc%20news/icbcs%20five%20branches%20in%20europe%20start%20operation.htm|title=ICBC's Five Branches in Europe Start Operation|website=Icbc.com.cn|access-date=11 January 2017|archive-url=https://web.archive.org/web/20160916195129/http://www.icbc.com.cn/ICBC/ICBC%20NEWS/icbcs%20five%20branches%20in%20europe%20start%20operation.htm|archive-date=16 September 2016|url-status=live}}</ref>

ICBC had the lead role in creating the Belt and Road Inter-Bank Regular Cooperation (BRBR) system, which seeks to integrate financial services among the countries participating in the BRI.<ref name=":13" />{{Rp|pages=185-186}}

Among Chinese banks, ICBC has the most extensive business in the Arab countries.<ref name=":13">{{Cite book |last=Zhang |first=Chuchu |title=China's Changing Role in the Middle East: Filling a Power Vacuum? |date=2025 |publisher=[[Routledge]] |isbn=978-1-032-76275-3 |series=Changing Dynamics in Asia-Middle East Relations series |location=Abingdon, Oxon; New York, NY}}</ref>{{Rp|page=185}} It has branches in major Gulf countries including UAE, Kuwait, and Qatar.<ref name=":13" />{{Rp|page=185}} 

<gallery>
File:ICBC Beijing.jpg|ICBC building in [[Beijing]]
File:中国工商银行股份有限公司北京通州分行.jpg|ICBC branch building in Beijing
File:ICBC Zhongshan Square branch.jpg|ICBC branch in [[Dalian]]
File:金地大厦 - panoramio.jpg|ICBC building in [[Kaifeng]]
File:ICBC 285.JPG|ICBC building in [[Shenyang]]
File:Former Bank of Chosen in Qingdao 01 2007-04.jpg|ICBC branch in [[Qingdao]]
File:Building of Jiangsu Provincial Branch of Industrial and Commercial Bank of China.jpg|ICBC building in [[Nanjing]]
File:ICBC Tower from Bund.jpg|ICBC tower in [[Shanghai]]
File:Old Yokohama Bank-Bund.jpg|ICBC building on [[the Bund]] in Shanghai
File:Commercial Bank in Ningbo.JPG|ICBC building in [[Ningbo]]
File:SHENZHEN KINGKEY ORIENTAL REGENT HOTEL (7).jpg|ICBC at Kingkey Regent Oriental Hotel in [[Shenzhen]]
File:SZ 深圳 Shenzhen 福田 Futian 益田路 Yitian Road 福華三路 Fuhua 3rd Road October 2017 IX1 ICBC Kerry Shangri-La.jpg|ICBC tower in Shenzhen
File:HK Central Queen' s Road Cheung Kong Tower drop off n Pick-up zone view Citibank Plaza facades Mar-2014 uniform guard.JPG|ICBC tower in [[Central, Hong Kong]]
File:ICBC Tokyo Branch.jpg|ICBC tower in [[Tokyo]]
File:ICBC Tower Karachi.jpg|ICBC tower in [[Karachi]]
File:Bank ICBC Luxembourg.jpg|ICBC building in [[Luxembourg City|Luxembourg]]
File:Paris Haussmann ICBC.jpg|ICBC branch in [[Paris]]
File:ICBC Kamienica pod Gryfami.JPG|ICBC building in [[Warsaw]]
File:ID 310 EX Bank of Boston 5282.jpg|ICBC building (formerly First National Bank of Boston) in [[Buenos Aires]]
File:Torre madero icbc cropped.jpg|{{ill|Torre Madero Office|es}} in Buenos Aires, partly occupied by ICBC
</gallery>

==Leadership==

President of Industrial and Commercial Bank of China
* {{ill|Chen Li (born 1922){{!}}Chen Li|zh|陳立 (1922年)}}, president January 1984 - July 1985
* {{ill|Zhang Xiao (born 1936){{!}}Zhang Xiao|zh|張肖 (1936年)}}, president July 1985 - January 1997
* {{ill|Liu Tinghuan|zh|劉廷煥}}, president January 1997 - February 2000
* [[Jiang Jianqing]], president February 2000 - October 2005, chairman October 2005 - May 2016
* {{ill|Yang Kaisheng|zh|楊凱生}}, president October 2005 - May 2013
* [[Yi Huiman]], president May 2013 - September 2016, chairman September 2016 - January 2019
* [[Gu Shu]], president September 2016 - January 2021
* [[Chen Siqing]], chairman April 2019 - February 2024
* {{ill|Liao Lin (born 1966){{!}}Liao Lin|zh|廖林}}, president since January 2021, chairman since February 2024

As of 17 May 2020, the full board membership was:<ref>{{Cite web |url = http://www.icbc-ltd.com/ICBCLtd/Corporate%20Governance/Board%20of%20Directors/Board%20of%20Directors/ |title = ICBC Board}}</ref>
* [[Chen Siqing]] ([[:zh:陈四清|陈四清]]), chairman of ICBC, former [[Bank of China]] chairman<ref name="Reuters">{{Cite news|date=22 April 2019|title=MOVES-China picks BoC boss Chen Siqing to head top bank ICBC – sources|language=en|work=Reuters|url=https://www.reuters.com/article/china-icbc-chairman-idUSL3N22411E|access-date=24 July 2020}}</ref>
* Gu Shu, president of ICBC
* Lu Yongzhen, former director on the [[National Development and Reform Commission]]
* Zheng Fuqing, former [[Ministry of Finance of the People's Republic of China]] official
* Mei Yingchun, former Ministry of Finance of the People's Republic of China and [[World Bank]] official
* Feng Weidong, former secretary of the Ministry of Finance of the People's Republic of China
* Cao Liqun, former [[State Administration of Foreign Exchange]] official
* Anthony Francis Neoh, former Hong Kong SEC chairman
* Yang Siu Shun, former chairman of [[PricewaterhouseCoopers]] Hong Kong
* Shen Si, former executive director of [[Shanghai Pudong Development Bank]]
* [[Nout Wellink]], former president and chairman of [[De Nederlandsche Bank]]
* Fred Zuliu Hu, former [[IMF]] and [[World Economic Forum]] official

==Controversies==

In 2005, the Chinese government arrested several government officials in addition to bankers with regards to the accusation of a scheme to take illegally US$900&nbsp;million from ICBC.<ref>{{cite news|url=https://www.wsj.com/articles/SB110597211289927835|title= Arrests Made in ICBC Scandal |date=18 January 2005|access-date=6 February 2020|first=Andrew|last=Browne|location=Hong Kong|publication-place=New York City|newspaper=[[The Wall Street Journal]]|url-access=limited}}</ref>

ICBC lent $400&nbsp;million towards the completion of the [[Gibe III dam]] in Ethiopia. Groups that opposed the dam such as [[International Rivers]] and [[Survival International]] have complained about or have written to ICBC against the dam's funding.<ref>[http://www.survivalinternational.org/news/6079 China's largest bank to fund devastating Ethiopian dam] {{Webarchive|url=https://web.archive.org/web/20100614053314/http://www.survivalinternational.org/news/6079 |date=14 June 2010 }}, Survival International</ref><ref>[http://www.internationalrivers.org/en/2010513/china%E2%80%99s-biggest-bank-support-africa%E2%80%99s-most-destructive-dam China's Biggest Bank to Support Africa's Most Destructive Dam] {{Webarchive|url=https://web.archive.org/web/20100617082751/http://www.internationalrivers.org/en/2010513/china%E2%80%99s-biggest-bank-support-africa%E2%80%99s-most-destructive-dam |date=17 June 2010 }}, International Rivers</ref>

In November 2015, ICBC Standard Bank, an overseas subsidiary acquired in February of that year, agreed to pay a fine of a maximum of $40&nbsp;million to UK authorities.<ref>{{cite news|url=https://www.theguardian.com/business/2015/nov/27/serious-fraud-office-standard-bank-deferred-prosecution-agreement|title= ICBC Standard Bank agrees deferred prosecution settlement with SFO |date=27 November 2015|first=Simon|last=Bowers|newspaper=[[The Guardian]]|location=London|access-date=6 February 2020}}</ref>

On 17 February 2016, the [[Civil Guard (Spain)|Spanish Guardia Civil]] supported by [[Europol]], arrested six executives of the Spanish location of the bank accused of [[money-laundering]], who were convicted in 2020 by the [[Audiencia Nacional]].<ref>{{cite press release|url=https://www.europol.europa.eu/newsroom/news/directors-of-chinese-bank-arrested-in-spain-in-money-laundering-probe|title=Directors of Chinese bank arrested in Spain in money laundering probe|date=17 February 2016|access-date=6 February 2020|publisher=[[Europol]] }}</ref><ref>{{cite news |last1=Gabilondo |first1=Pablo |title=Condenan a la excúpula de ICBC en España por blanquear dinero de grupos criminales |url=https://www.elconfidencial.com/espana/2020-07-02/condenan-a-la-excupula-de-icbc-en-espana-por-blanquear-dinero-de-grupos-criminales_2666047/ |access-date=20 November 2023 |agency=El Confidencial |date=2 July 2020}}</ref>

In 2018, the US Federal Reserve had found "serious deficiencies" of the bank on anti-money laundering protections.<ref>{{cite news|url=https://www.ft.com/content/75f6c914-273b-11e8-b27e-cc62a39d57a0|title= Fed finds 'serious deficiencies' at China's ICBC |date=14 March 2018|first1=Emily|last1=Feng |first2= Henny|last2= Sender |location=Beijing and Hong Kong|newspaper=[[Financial Times]]|publication-place=London|url-access=limited}}</ref>

On 12 August 2021, a former senior banker at Industrial and Commercial Bank of China, Gu Guoming was sentenced to life in jail by Chinese authorities, after being found guilty of [[bribery]].<ref>{{cite news|url=https://www.reuters.com/world/china/china-sentences-former-senior-icbc-banker-life-bribery-2021-08-12/?rpc=401&|title=China sentences former senior ICBC banker to life for bribery|accessdate=12 August 2021|website=Reuters|date=12 August 2021 }}</ref>

==Awards==
* ''[[Forbes Global 2000]]'' – the World's Largest Public Company<ref>{{Cite web|url=https://www.forbes.com/companies/icbc/|title=ICBC|website=Forbes|access-date=6 February 2010}}</ref><ref>{{cite news|url=https://www.scmp.com/business/china-business/article/3010518/industrial-and-commercial-bank-china-tops-forbes-global|title=Industrial and Commercial Bank of China tops Forbes' Global 2000 list for seventh year, while 'Made in China 2025' sectors languish|date=16 May 2019|access-date=6 February 2020|newspaper=South China Morning Post|location=Hong Kong|first=Ryan|last=Swift}}</ref>
{{clear}}

==References==
{{Reflist}}

==Bibliography==
Flora Xiao Huang, Horace Yeung (2019) [https://books.google.com/books?id=ff3eAQAAQBAJ Chinese Companies and the Hong Kong Stock Market], sub-heading 6.4.4, published by Routledge, 30 October 2013 {{ISBN|1134671113}}, {{ISBN|9781134671113}}

==External links==
{{Finance links
| symbol = 1398
| google = HKG:+1398
| yahoo = 1398.HK
| bloomberg = 1398:HK
| reuters = 1398.HK
}}
* {{Official website}}
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