Industrial And Commercial Bank Of China

1497 Words Oct 25th, 2016 6 Pages
As previously mentioned, the People 's Bank of China opened up the banking system and began allowing the emergence of state owned banks. The four state owned specialized banks that exist are Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), China Construction Bank (CCB), and Bank of China (BOC). The state owned banks were a success so in 1994 the Chinese government decided to open three more banks that were dedicated to specific lending purposes and policymaking. The banks include China Development Bank (CDB), Export-Import Bank of China, and Agricultural Development Bank of China.
Industrial and Commercial Bank of China was established on January 1, 1984 and the name of the bank was changed to Industrial and Commercial Bank of China Limited on October 28, 2005. It is the largest bank in the world by total assets and market capitalization. As well as being the largest bank in the world, it is also the largest bank in the People’s Republic of China. It has 17.1% of the market share in Chinese banking assets. It also has over sixteen thousand branches in the PRC and one hundred branches in the rest of the world including Hong Kong, Singapore, Tokyo, Kuala Lumpur, Seoul, Frankfurt, Luxembourg and London, with representative offices in New York, Moscow, and Sydney. Industrial and Commercial Bank of China initially focused on industrial and commercial loans, savings, and settlement service, but it now offers a variety of products and services…
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