Industrial and Commercial Bank of China Overtakes Well Fargo as World’s Most Valuable Banking Brand

Industrial and Commercial Bank of China Overtakes Well Fargo as World’s Most Valuable Banking Brand

ICBC has overtaken Wells Fargo for the first time to become the world’s most valuable banking brand. According to the Top 500 Banking Brands 2017 Ranking by UK-based The Banker magazine, the brand value grew 32% year on year to US$47.8 billion. China’s total banking brand valuation has also increased by 25% to US$259.2 billion.

“ICBC has overtaken Wells Fargo for the first time to become the world’s most valuable banking brand.”

~ South China Morning Post

The ranking of the most valuable banking brands globally, in its 11th year, determines the net present value of a bank’s trademark and associated intellectual property, or its brand value. ICBC, China Construction Bank, Bank of China and Agricultural Bank of China also made it into the top 10 global banking brands.

Related Reports: South China Morning Post, The Banker 

 

About ICBC

Through its continuous endeavor and stable development, the Bank has developed into the top large listed bank in the world, possessing an excellent customer base, a diversified business structure, strong innovation capabilities and market competitiveness. The Bank has its presence in six continents, and its overseas network has expanded to 41 countries and regions.The Bank provides comprehensive financial products and services to 5,090 thousand corporate customers and 465 million personal customers by virtue of the distribution channels consisting of 17,122 domestic institutions, 338 overseas institutions and 2,007 correspondent banks worldwide, as well as through its E-banking network comprising a range of Internet and telephone banking services and self-service banking centers, forming a diversified and internationalized operating structure focusing on commercial banking business and maintaining a leading position in the domestic market in the commercial banking sector.In 2014, the Bank was named the “Global Bank of the Year” by The Banker, ranked the first place among the Top 1000 World Banks by the Banker and the largest enterprise in the world among the Global 2000 listed by the US magazine Forbes for the second consecutive year.

Visit: ICBC

 


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Agricultural Bank of China Fined $215 Million by New York State Bank Regulator

Agricultural Bank of China Fined $215 Million by New York State Bank Regulator 

Authorities in United States released a statement that the Agricultural Bank of China will pay a $215 million penalty and install an independent monitor for violating the New York’s anti money laundering laws. The regulator said that compliance staff at the bank who discovered unusual transactions, some involving Russian, Chinese and Middle Eastern companies, were silenced when they tried to raise concerns. This has caused the bank’s chief compliance officer to resign with immediate effect.

“Authorities in United States released a statement that the Agricultural Bank of China will pay a $215 million penalty and install an independent monitor for violating the New York’s anti money laundering laws.”

~Wall Street Journal

The investigation has also uncovered suspicious transactions involving Russia, China, Afghanistan and other countries. It shows intentional wrongdoing, including actions by bank officials to obfuscate U.S. dollar transactions conducted through the New York Branch that might reveal violations of sanctions or anti-money laundering laws.

Related Reports: Wall Street Journal, Department of Financial Services

 

About Agricultural Bank of China

The predecessor of the Bank is Agricultural Cooperative Bank, established in 1951. Since the late 1970s, the Bank has evolved from a state-owned specialized bank to a wholly state-owned commercial bank and subsequently a state-controlled commercial bank. The Bank was restructured into a joint stock limited liability company in January 2009. In July 2010, the Bank was listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange, which marked the completion of our transformation into a public shareholding commercial bank.

Visit: Agricultural Bank of China

 


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Agricultural Bank of China Plans to Raise $12 Billion Over Three Years

Agricultural Bank of China Plans to Raise $12 Billion Over Three Years

Agricultural Bank of China said it will sell as much as 80 billion yuan ($12 billion) of Tier-2 securities over the next three years. This announcement came after it inched out a 0.5% increase in second quarter profit from a year ago and China Citic Bank Corp., on Thursday announced plans to raise as much as 40 billion yuan by selling convertible bonds.

“Agricultural Bank of China said it will sell as much as 80 billion yuan ($12 billion) of Tier-2 securities over the next three years.”

~Bloomberg

China lenders are grappling with their weakest profit growth in more than a decade and a pileup of bad debt after flooding the financial system with cheap credit for years.

Related Reports: Bloomberg

About Agricultural Bank of China

The predecessor of the Bank is Agricultural Cooperative Bank, established in 1951. Since the late 1970s, the Bank has evolved from a state-owned specialized bank to a wholly state-owned commercial bank and subsequently a state-controlled commercial bank. The Bank was restructured into a joint stock limited liability company in January 2009. In July 2010, the Bank was listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange, which marked the completion of our transformation into a public shareholding commercial bank.

Visit: Agricultural Bank of China

 


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China Bank To Package Bad Loans Into Securities

China Bank To Package Bad Loans Into Securities

Agricultural Bank of China Ltd is planning to offload bad loans by packaging them up as asset backed securities. The bank is planning to sell securities backed by 10.7 billion yuan ($1.6 billion ) of non performing loans on the interbank bond market.  As corporate leverage soars and economic growth cools, China’s banks face a rising tide of bad loans.

“The bank is planning to sell securities backed by 10.7 billion yuan ($1.6 billion ) of non performing loans on the interbank bond market.”

~ Bloomberg

China’s efforts to get to grips with its credit woes include debt swaps for local government, proposals for banks to swap loans for equity stakes in companies and the trial of the non performing loan backed securities.

Related Reports: Bloomberg

 

About Agricultural Bank of China

The predecessor of the Bank is Agricultural Cooperative Bank, established in 1951. Since the late 1970s, the Bank has evolved from a state-owned specialized bank to a wholly state-owned commercial bank and subsequently a state-controlled commercial bank. The Bank was restructured into a joint stock limited liability company in January 2009. In July 2010, the Bank was listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange, which marked the completion of our transformation into a public shareholding commercial bank.

Visit: Agricultural Bank of China


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