Industrial and Commercial Bank of China Stock News

Industrial & Commercial Bank of China Ltd. (OTCPK:IDCBY) Q3 2023 Earnings Call Transcript October 27, 2023 5:00 AM ET Company Participants Wang Liancheng - GM, Corporate Strategy and Investor Relation

The Chinese economy is definitely experiencing some major growing pains, as the nation's real estate sector is undergoing a significant downturn. Meanwhile, its exports and manufacturing sector are de

Industrial & Commercial Bank of China Ltd. (OTCPK:IDCBY) H1 2023 Earnings Conference Call August 30, 2023 6:30 AM ET Company Participants Wang Liancheng - GM, Corporate Strategy and Investor Relations

Industrial and Commercial Bank of China: Trading At A Deep Discount With An 8% Yield.

Industrial & Commercial Bank of China Ltd. (OTCPK:IDCBY) H1 2022 Results Earnings Conference Call August 30, 2022 6:30 AM ET Company Participants Guan Xueqing - Board Secretary Liao Lin - President Zh

Industrial and Commercial Bank of China Limited (IDCBY) 2021 Annual Results - Call Transcript

JOHANNESBURG (Reuters) – South Africa’s Standard Bank has commenced discussions with the Industrial and Commercial Bank of China (ICBC) around exiting its 40% stake in the two lenders’ London-based joint venture ICBC Standard Bank, chief executive officer Sim Tshabalala said on Friday.

South Africa''s Standard Bank has commenced discussions with the Industrial and Commercial Bank of China (ICBC) around exiting its 40% stake in the two lenders'' London-based joint venture ICBC Standard Bank, chief executive officer Sim Tshabalala said on Friday.

At the height of the pandemic, Angola struck a deal with Chinese lenders to defer debt servicing as the virus threatened to push the southern African nation into default.China Development Bank (CDB) and the Industrial and Commercial Bank of China (ICBC) handed Angola a three-year debt relief package of at least US$4.9 billion from 2020 to 2023, according to data tracked by the China Africa Research Initiative. Luanda also received an undisclosed amount of debt relief from China Eximbank.But as…

Russian Firms Rush To Open Accounts At Chinese Banks As US and European sanctions make life increasingly difficult for Russian businesses, one Chinese bank claims it has seen a surge in requests from Russian firms trying to open new bank accounts, according to an anonymous source quoted by Reuters. It''s the latest example of a phenomenon first described by Credit Suisse''s Zoltan Poszar, who warned during a recent interview with Bloomberg that sanctions against Russia- along with the ban of most Russian banks from SWIFT - could lead to greater reliance on the Chinese yuan by Russian companies. As we said, China''s yuan, which presently accounts for just 2.7% of world reserves, is one option for anxious reserve managers in Moscow or elsewhere. "Over the past few days, 200-300 companies have approached us, wanting to open new accounts," the person, who works at the Moscow branch of a Chinese state bank and has direct knowledge of its operations, told Reuters. The source added that most of the firms looking to open an account with their bank do a lot of business with China.

SHANGHAI, China – The Moscow branch of a Chinese state bank has seen a surge in inquiries from Russian firms wanting to open new accounts, a person familiar with the matter said, as the country’s businesses struggle with international sanctions after its invasion of Ukraine . “Over the past few days, 200 to 300 companies have approached us, wanting to open new accounts,” the person, who works at the Moscow branch of a Chinese state bank and has direct knowledge of its operations, told Reuters. He declined to be named or have his bank identified as he is not authorized to speak with media. It was not clear how widespread Russian demand for new accounts at Chinese banks was, but the banker source told Reuters many of the companies seeking new accounts do business with China and that he expected yuan transactions by such firms to increase. Western governments are shutting off Russia’s economy from the global financial system , pushing international companies to halt sales , cut ties , and dump tens of billions of dollars’ worth of investments .

Beijing, a key Russian ally, has moved to restrict financing for Russian commodities purchases through two of China’s largest state-owned banks, Bloomberg reports, as Russian forces advance to Kyiv only a day after launching a full-scale invasion plan. According to Bloomberg, the Industrial and Commercial Bank of China (ICBC) has ceased the issuance of dollar-denominated letters of credit for physical Russian commodities purchases, and the Bank of China has also restricted financing on some level, though details are not forthcoming.…

China State Banks Restrict Purchases Of Russian Commodities, Pause Buying Russian Seaborne Crude While Beijing has so far clearly telegraphed it is aligned, at least ideologically, with Moscow in the nascent Ukraine war, refusing to call Putin''s move an "invasion" and also blaming the US for stoking the conflict while refusing to condemn the military action, Bloomberg reports that "at least two" of China’s largest state-owned banks are restricting financing for purchases of Russian commodities, "underscoring the limits of Beijing’s pledge to maintain economic ties" Russia in the face of sanctions by the U.S. and its allies. According to the report, Industrial & Commercial Bank of China’s offshore units stopped issuing U.S. dollar-denominated letters of credit for purchases of physical Russian commodities ready for export, even though yuan-denominated letters of credit are still available for some clients, subject to approvals from senior executives. Bank of China has also curbed financing for Russian commodities based on its own risk assessment, Bloomberg also noted adding that the bank has yet to receive explicit guidance on Russia from Chinese regulators.

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