Industrial and Commercial Bank of China (ICBC) is China’s largest bank. Established in 1984, ICBC is one of China’s four biggest state-owned commercial banks, alongside China Construction Bank, Agricultural Bank of China, and Bank of China. ICBC was simultaneously listed on both the Hong Kong Exchange and the Shanghai Stock Exchange on Oct. 27, 2006.
As of the end of 2014, ICBC had 5.09 million corporate customers and 465 million retail customers. In addition to its 17,000 domestic branches, it has branches in 41 countries.
ICBC is also focusing on Internet banking. It has a strong earning capacity, thanks to its vast customer base and the country’s regulated bank deposit rates. ICBC and U.S. bank Wells Fargo are competing head-to-head for the world’s top bank in terms of market capitalization.
Its revenue mainly comes from its domestic branches. Its subsidiaries include a leasing company as well as an asset management company and an insurer that establish joint ventures with foreign companies. ICBC has also expanded into global markets through acquisitions and other means. It aims to become a global titan on par with financial groups like JPMorgan Chase and Citigroup of the U.S.