ICBC

ICBC wants to raise $6.6 billion in rights offers

July 7, 2010 - 3:51am | Banks and internet banks | News

Chinese bank ICBC may raise up to 45 billion yuan ($6.6 billion) through rights offers. Industrial and Commercial Bank of China plans to raise the money through rights offers to shareholders of its Hong Kong-listed H-shares, as well as its Shanghai-listed A-Shares.

Chinese-language Ming Pao reported that the bank would offer that its shareholders get the right to buy between 0.3 to 0.5 shares per 10 shares held.

Chinese bank | convertible bonds | ICBC | rights offers

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HSBC is delighted with its 20% stake in China’s BaCom

February 1, 2010 - 3:17am | Banks and internet banks | News

According to HSBC's CEO Michael Geoghegan, HSBC Holdings is happy with its 20% stake in Bank of Communications, its primary investment vehicle in China.

Geoghegan decided to make comments after Britain's Sunday Telegraph reported that the HSBC was considering a bid for a major Chinese bank to reinforce its presence in the country as other foreign lenders retrenched.

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A mobile payment credit card launched by ICBC, UMPay and AmEx

November 12, 2009 - 5:52am | News | Mobile finances

On November 11 in Beijing, Industrial and Commercial Bank of China (ICBC), Union Mobile Pay (UMPay) and American Express have announced the launch of their joint product ICBC Mobile Payment American Express® Card. The card became the first in China that features dual currency option while having mobile account payment capabilities.

American Express | Credit card | ICBC | mobile payments | UMPay

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ICBC deploys Swift P2P cross border payments service

August 17, 2009 - 6:59am | Banks and internet banks | News

As it became known Monday, Industrial and Commercial Bank of China (ICBC) signed for a new remittance service from Swift to support cross-border person-to-person payments.

The new system is designed to enable banks to clear and settle these payments in a more efficient and transparent way, using its global network and standards.

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ICBC purchases 70% of Bank of East Asia’s Canadian unit

June 5, 2009 - 7:26am | Banks and internet banks | News

The world's largest bank by market value Industrial and Commercial Bank of China (ICBC) declared on Thursday about its intension to acquire 70% of Bank of East Asia's Canadian unit. In such a way ICBS is expanding overseas.

According to those both banks, ICBC will pay $73 million (HK$567 million) for the stake. Also they added that Hong Kong-based Bank of East Asia would buy out ICBC in ICEA Finance, their Hong Kong joint venture.

Bank of East Asia | Canada | ICBC | ICEA Finance | joint venture

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Investors may not fear to buy shares of ICBC, as Citi claims

April 30, 2009 - 9:01am | Investment industry | News

Industrial & Commercial Bank of China, China's largest bank, according to Citigroup is worthy of investors attention. In spite of that ICBC have some problems, such as non-performing loans, decline in shares returns, Citigroup advised investors to purchase the bank’s shares. It raises price target for the bank from 3.80 to 5.00 Hong Kong dollars. This price combined with expected dividend yield of 4.9% will bring a return of 26.3%, as Citigroup expects.

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With depostis of $1.3trillion Chinese ICBC bank has low share price

April 15, 2009 - 4:11am | Banks and internet banks | News

Industrial & Commercial Bank of China had its shares traded lower on Wednesday. Though, the bank previously announced about obtaining 950 billion yuan ($140 billion) from its clients in the first quarter that sent the total to 8.9 trillion yuan as of March 31.

That happened in spite of the fact the bank had become the world's largest by deposits. Thereby ICBC stocks ended the midday break in Hong Kong at HK$4.39 that is 2.2% lower.

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