Industrial and Commercial Bank of China (Apart from China Construction Bank, Bank of China and Agriculture Bank of China, ICBC has been known as the “Big Four” Banks) first opened its doors to the public in 1984. Its corporate history spans almost 100 years, since the founding of the Industrial Bank of Centralw China by Shen Dunhe in 1912.
From then until now, ICBC has become a global banking powerhouse, taking over the bulk of the banking industry in China. Its total assets reached a jaw-dropping 18.768 trillion Chinese yuan at the end of 2018 (US$2.73 trillion). ICBC boasts over 15,000 branches, serving around 490 million customer accounts in China. But its reach does not stop there: the banking giant has a presence in 41 countries spanning five continents.
As of 2018, the Industrial and Commercial Bank of China ranked as the largest commercial and bank in the world, according to the Global banks 2018 rankings from The Banker magazine. That year, ICBC had total assets of almost five times that of JPMorgan Chase, the worlds second-largest bank.
So, what kind of services does ICBC provide? Customers in China are able to access a range of services, such as personal and corporate banking, wealth management and investment banking. ICBC touts its leadership in electronic payments, launching the first virtual banking card in China.
The Chinese bank has especially been a leader in the area of digital content regarding financial information, which is an invaluable asset in an increasingly connected world. ICBC has become a major source of financial advice, with millions of customers utilizing its services for their transactions, budgeting and more.
Outside of the Chinese market, the bank continues to be a leader in digital and financial services, although its presence abroad is not as established as it is in China. To underscore its commitment, in 2016 ICBC opened a 10,000 square foot flagship in New York City.
ICBC is also known for its innovations in the area of corporate social responsibility. One of its most successful initiatives, the Construction Union Philanthropic Program, seeks to drive social innovation through its philanthropic returns, while also supporting long-term responsible investments.
In addition, ICBC has taken a leading role in blockchain technology, launching Chinas first international blockchain payment in 2018. This allows customers to make international payments with their ICBC accounts and bypass the need for cross-border transfers.
As an international banking powerhouse, ICBC plays an extremely important role in the global economy. With its immense resources and innovative initiatives, ICBC is poised to become an even larger player in the coming years.
