HKSE - Delayed Quote HKD

Industrial and Commercial Bank of China Limited (1398.HK)

4.120

+0.020

(+0.49%)

At close: 4:09 PM GMT+8

UBS Dials Back China Fund Plans on High Costs, Grim Outlook

(Bloomberg) -- UBS Group AG is postponing plans to build its own mutual fund business in mainland China due to high costs and a dim profit outlook, people familiar with the matter said.Most Read from BloombergRay Dalio’s Famous Trade Is Sputtering, Investors BailingTrump Has Only $6.8 Million for Legal Fees With Trial UnderwayElon Musk’s Robotaxi Dreams Plunge Tesla Into ChaosZimbabwe’s ZiG Wipes Out 330% Stocks RallyApple’s China iPhone Sales Dive 19% in Worst Quarter Since 2020The Swiss bank w

Bloomberg 12 hours ago

UBS

IDCBF
Fitch Ratings Downgrades Outlook for Chinese State-Owned Banks

Fitch Ratings has downgraded the outlook for six Chinese state-owned banks amid concerns about the government’s ability to support the sector in the event of stress.

The Wall Street Journal 7 days ago

601288.SS

360036.SS

601398.SS
China’s ICBC Plans $5.5 Billion Sale of Loss-Absorbing Bonds

(Bloomberg) -- Industrial and Commercial Bank of China Ltd. is planning to issue as much as 40 billion yuan ($5.5 billion) of total loss-absorbing capacity (TLAC) bonds as soon as this month, people familiar with the matter said, marking the first such debt sale from the country’s largest state-owned lenders. Most Read from BloombergTrumpism Is Emptying ChurchesIran’s Better, Stealthier Drones Are Remaking Global WarfareBlackstone Nears Buyout of Skin-Care Company L’OccitaneUkraine Says It’s Beh

Bloomberg 14 days ago

IDCBF
China's Big Five lenders post shrinking margins, warn of property risks

Five of China's largest lenders have posted shrinking net interest margins (NIM), while warning of ongoing property sector risks. Amid a slowing economy, China's lenders are under pressure to reduce interest rates on the loans they make to bolster flagging sectors as demand for lending falls. On Thursday, China Construction Bank Corp (CCB), Bank of China (BoC) and Agricultural Bank of China (AgBank) all reported sliding margins - a key gauge of profitability - in their annual results.

Reuters 26 days ago

IDCBF

ACGBF

BCMXY
This Little-Known Chinese Billionaire Went From Working In The Coal Mines To Being One Of The Most Powerful Bankers In The World, Commanding $3.5 Trillion In Assets

Jiang Jianqing, a name synonymous with the remarkable transformation of the Industrial and Commercial Bank of China (ICBC) into the world’s largest bank by assets, has a story that reads like a testament to resilience and visionary leadership. Born in Shanghai in 1953, Jiang’s early life was marked by the hardships of the Cultural Revolution during which he was sent to work in the fields of Jiangxi Province and the coal mines of Henan Province. This period of labor education, far from breaking h

Benzinga 2 months ago

IDCBF
Fed, NYDFS fine Chinese bank ICBC $32.4M

“Regulated institutions must be held accountable for failing to adhere to New York’s rigorous legal and regulatory standards,” NYDFS Superintendent Adrienne Harris said Friday.

Banking Dive 2 months ago

IDCBF
ICBC to pay $32.4 million to US regulators over AML lapses, supervisory information disclosure

The Industrial and Commercial Bank of China Ltd and its New York branch will pay $32.4 million in penalties for the unauthorized use and disclosure of confidential supervisory information, the Federal Reserve announced Friday. The Fed said the joint action, taken with New York's Department of Financial Services (NYDFS), came after the bank disclosed information to a third party without regulatory approval. In a separate statement, NYDFS said an ICBC employee disclosed that supervisory information to a foreign regulator.

Reuters 3 months ago

IDCBF
ICBC partners wary to resume trading with bank after cyberattack - Bloomberg News

Industrial and Commercial Bank of China (ICBC) has been unable to convince some market participants that it is safe to reconnect their computer networks to the bank's U.S. unit after a ransomware attack disrupted its systems, Bloomberg News reported on Wednesday. ICBC did not immediately respond to Reuters' request for a comment. ICBC's U.S. arm was hit by a ransomware attack earlier this month.

Reuters 4 months ago

IDCBF
World's Biggest Bank ICBC Still Faces Trader Wariness After Cyberattack

(Bloomberg) -- Industrial & Commercial Bank of China Ltd., the world’s largest lender by assets, has been unable to convince some market participants that it’s safe to reconnect their computer networks to the bank’s US unit after a ransomware attack disrupted its systems, according to people familiar with the matter.Most Read from BloombergBillions Wiped Out as Stock-Safety Trade on Wall Street MisfiresMusk’s Cybertruck Is Already a Production Nightmare for TeslaSingapore High Court Grants Injun

Bloomberg 4 months ago

IDCBF
20 Most Valuable Asian Companies Heading into 2024

In this article, we will look into the 20 most valuable Asian companies heading into 2024. If you want to skip our detailed analysis, you can go directly to the 5 Most Valuable Asian Companies Heading into 2024. Asia is the world’s largest and most populous continent, with a rich culture and heritage. The region […]

Insider Monkey 5 months ago

TSM

SSNLF

TCEHY
Ransomware attack on China’s biggest bank may have hit US Treasury market

A US unit of the Industrial and Commercial Bank of China (ICBC) was hit by a ransomware attack this week that disrupted some of its systems, reportedly hitting liquidity in US Treasuries which may have contributed to a brief market sell-off on Thursday.

CNN Business 5 months ago

IDCBF
Barclays flags Treasuries central clearing cybersecurity risks after ICBC hack

A key reform proposed by the U.S. Securities and Exchange Commission to boost the use of central clearing for U.S. Treasuries could leave the market more exposed to cybersecurity risks, Barclays said, referring to the cyber hack of Industrial and Commercial Bank of China's U.S. broker-dealer last week. The SEC central clearing rule, first proposed in September last year, would apply to the cash Treasury and repurchase agreements (repo) markets, where banks and other players such as hedge funds borrow short-term loans backed by Treasuries. Under the rule, more trades would be sent to a clearing house, requiring counterparties to put up cash to guarantee execution in the event of defaults.

Reuters 5 months ago

IDCBF
ICBC Flies Top Executives to US in Race to Contain Hack Fallout

(Bloomberg) -- Within days of a cyberattack at its US unit, members of Industrial & Commercial Bank of China Ltd.’s management were on a plane. Most Read from BloombergAston Martin Owner Lawrence Stroll Sells F1 Team Stake at £1 Billion ValuationBacklash Spreads Over Musk’s Endorsement of Antisemitic PostAltman Ousted From OpenAI, Board Says It Lost ConfidenceHamas Mastermind Who Tricked Israel Is Top Target in Gaza TunnelsApple Plans to Make It Easier to Text Between iPhones and AndroidsOfficia

Bloomberg 5 months ago

IDCBF
UPDATE 2-Gang says ICBC paid ransom over hack that disrupted US Treasury market

China's biggest lender, the Industrial and Commercial Bank of China, paid a ransom after it was hacked last week, a Lockbit ransomware gang representative said on Monday in a statement which Reuters was unable to independently verify. ICBC, whose U.S. arm was hit by a ransomware attack that disrupted trades in the U.S. Treasury market on Nov. 9, did not immediately respond to a request for comment. The blackout at ICBC's U.S. broker-dealer left it temporarily owing BNY Mellon $9 billion, an amount many times larger than its net capital.

Reuters 5 months ago

IDCBF
Gang says ICBC paid ransom over hack that disrupted US Treasury market

LONDON (Reuters) -China's biggest lender, the Industrial and Commercial Bank of China, paid a ransom after it was hacked last week, a Lockbit ransomware gang representative said on Monday in a statement which Reuters was unable to independently verify. ICBC, whose U.S. arm was hit by a ransomware attack that disrupted trades in the U.S. Treasury market on Nov. 9, did not immediately respond to a request for comment. "They paid a ransom, deal closed," the Lockbit representative told Reuters via Tox, an online messaging app.

Reuters 5 months ago

IDCBF
ICBC paid ransom after hack that disrupted markets, cybercriminals say

China’s biggest lender, the Industrial and Commercial Bank of China (ICBC), has paid a ransom to cybercriminals who hacked the bank last week, a representative of the Lockbit ransomware gang said on Monday in a statement Reuters was unable to independently verify. The bank's U.S. arm was hit by a ransomware attack that disrupted trades in the U.S. Treasury market last Thursday. “They paid a ransom, deal closed,” the Lockbit representative told Reuters via Tox, an online messaging app.

Reuters 5 months ago

IDCBF
In the Market: Inside Wall Street's scramble after ICBC hack

(Reuters) -The cyber hack of Industrial and Commercial Bank of China's U.S. broker-dealer was so extensive on Wednesday, even the corporate email stopped working and forced employees to switch to Google mail, according to two people familiar with the situation. The blackout left the brokerage temporarily owing BNY Mellon $9 billion, an amount many times larger than its net capital, a measure of resources at hand to promptly satisfy claims. ICBC's New York-based unit, called ICBC Financial Services, got a cash injection from its Chinese parent to help pay back BNY, and it manually processed trades with the custody bank's help, Reuters reported on Friday.

Reuters 5 months ago

IDCBF

BK
Brazen ransomware attack on US unit of Chinese banking giant has financial sector on alert

A ransomware attack on a US unit of the powerful Industrial and Commercial Bank of China that may have contributed to a brief market sell-off on Thursday was a significant escalation for cybercriminals that underscored how big hacks can disrupt business for even the best-resourced companies, experts told CNN.

CNN Business 5 months ago

IDCBF
Yellen: no impact on US Treasury market from ICBC hack

U.S. Treasury Secretary Janet Yellen on Friday said the ransomware attack on the Industrial and Commercial Bank of China that disrupted China's largest bank had not interfered with the market for U.S. government debt. "We have not seen an impact on the Treasury market," Yellen said, adding that she and China Vice Premier He Lifeng spoke about the issue during talks in San Francisco this week. The ICBC's access to an electronic settlement platform for U.S. Treasury securities remained suspended on Friday, a day after confirmation of the ransomware attack.

Reuters 5 months ago

IDCBF
UPDATE 1-Yellen: no impact on US Treasury market from ICBC hack

U.S. Treasury Secretary Janet Yellen on Friday said the ransomware attack on the Industrial and Commercial Bank of China that disrupted China's largest bank had not interfered with the market for U.S. government debt. "We have not seen an impact on the Treasury market," Yellen said, adding that she and China Vice Premier He Lifeng spoke about the issue during talks in San Francisco this week. The ICBC's access to an electronic settlement platform for U.S. Treasury securities remained suspended on Friday, a day after confirmation of the ransomware attack.

Reuters 5 months ago

IDCBF

Performance Overview

Return	1398.HK	SSE Composite Index
YTD	+7.85%	+1.58%
1-Year	+5.14%	-8.46%
3-Year	-3.30%	-12.79%

News

Life

Entertainment

Finance

Sports

New on Yahoo

Yahoo Finance

Industrial and Commercial Bank of China Limited (1398.HK)

UBS Dials Back China Fund Plans on High Costs, Grim Outlook

Fitch Ratings Downgrades Outlook for Chinese State-Owned Banks

China’s ICBC Plans $5.5 Billion Sale of Loss-Absorbing Bonds

China's Big Five lenders post shrinking margins, warn of property risks

This Little-Known Chinese Billionaire Went From Working In The Coal Mines To Being One Of The Most Powerful Bankers In The World, Commanding $3.5 Trillion In Assets

Fed, NYDFS fine Chinese bank ICBC $32.4M

ICBC to pay $32.4 million to US regulators over AML lapses, supervisory information disclosure

ICBC partners wary to resume trading with bank after cyberattack - Bloomberg News

World's Biggest Bank ICBC Still Faces Trader Wariness After Cyberattack

20 Most Valuable Asian Companies Heading into 2024

Ransomware attack on China’s biggest bank may have hit US Treasury market

Barclays flags Treasuries central clearing cybersecurity risks after ICBC hack

ICBC Flies Top Executives to US in Race to Contain Hack Fallout

UPDATE 2-Gang says ICBC paid ransom over hack that disrupted US Treasury market

Gang says ICBC paid ransom over hack that disrupted US Treasury market

ICBC paid ransom after hack that disrupted markets, cybercriminals say

In the Market: Inside Wall Street's scramble after ICBC hack

Brazen ransomware attack on US unit of Chinese banking giant has financial sector on alert

Yellen: no impact on US Treasury market from ICBC hack

UPDATE 1-Yellen: no impact on US Treasury market from ICBC hack

Performance Overview