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☆ Cyberattack on ICBC's US unit to not have material impact on parent bank - Fitch
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

The logo of Industrial and Commercial Bank of China (ICBC) is pictured at the entrance to its branch in Beijing, China April 1, 2019. REUTERS/Florence Lo/File Photo Acquire Licensing RightsNov 16 (Reuters) - Ratings agency Fitch on Thursday said the recent cyberattack at ICBC Financial Services will not have a material impact on its Chinese parent, although it highlights growing threats to global payment networks from such incidents. "We do not expect the incident to have any immediate impact on the parent bank's viability rating, nor will the bank's issuer default rating change as it remains driven by our expectation of support from the Chinese sovereign," the ratings firm said. The U.S. unit primarily engages in providing global clearing, execution and financing services to institutional clients. Reporting by Manya Saini in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, Fitch, Manya Saini, Anil D'Silva Organizations: Industrial, Commercial Bank of China, REUTERS, ICBC Financial, Commercial Bank of China Ltd, Thomson Locations: Beijing, China, U.S, Bengaluru

[1/2] People walk past a booth of ICBC Credit Suisse Asset Management Co at the 2020 China International Fair for Trade in Services (CIFTIS), in Beijing, China September 5, 2020. China's foreign ministry spokesperson Wang Wenbin said that business remained normal at ICBC head office, other branches and subsidiaries across the globe. Some market participants said trades going through ICBC were not settled due to the incident and that market liquidity had been affected. ICBC said it had successfully cleared Treasury trades executed on Wednesday and repurchase agreements (repo) financing trades done on Thursday. While market sources said on Thursday the impact of the ICBC hack appeared limited, the attack underlined how vulnerable systems at large organizations continue to be.

Persons: Tingshu Wang, ICBC, Wang Wenbin, Wang, Jerome Powell, Lockbit, Harry Robertson, Yoruk, Dhara Ranasinghe, Alexander Smith Organizations: Asset Management, Fair for Trade, Services, REUTERS, Industrial, Commercial Bank of China, Global, ICBC's, Authority, Traders, U.S . Treasury, Federal, Treasury, Cybersecurity, Infrastructure Security Agency, Thomson Locations: Beijing, China, China's, ICBC's U.S, Europe, Hong Kong, Shanghai, London, Amsterdam

☆ Lockbit cybercrime gang claims hack on China's biggest lender ICBC
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: 1 min

Companies Industrial and Commercial Bank of China Ltd FollowNov 10 - The cybercrime gang Lockbit confirmed on Friday that it had hacked into the Industrial and Commercial Bank of China - the biggest Chinese lender by assets. "Yes we confirm," a representative for Lockbit said when reached on their contact address via the messaging platform Tox. Reporting by Zeba Siddiqui in San Francisco; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Lockbit, Zeba Siddiqui, Chizu Organizations: Industrial, Commercial Bank of China, Thomson Locations: San Francisco

China's foreign ministry said on Friday the lender is striving to minimise risk impact and losses after the attack. "We don't often see a bank this large get hit with this disruptive of a ransomware attack," said Allan Liska, a ransomware expert at the cybersecurity firm Recorded Future. TRADES CLEAREDICBC said it had successfully cleared Treasury trades executed on Wednesday and repurchase agreements (repo) financing trades done on Thursday. Some market participants said trades going through ICBC were not settled due to the attack and affected market liquidity. The Treasury market appeared to be functioning normally on Thursday, according to LSEG data.

Persons: Kim Kyung, ICBC, Wang Wenbin, Wang, Lockbit, Allan Liska, Scott Skrym, Michael Gladchun, Loomis Sayles, SIFMA, Urvi, Pete Schroder, Gertrude Chavez, Davide Barbuscia, Carolina Mandl, Paritosh Bansal, Joe Cash, Stephen Coates, Tomasz Janowski Organizations: Commercial Bank of China Ltd, REUTERS, Industrial, Commercial Bank of China, Commercial Bank of China's, U.S . Treasury, ICBC Financial Services, Cybersecurity, Infrastructure Security Agency, Boeing, U.S . Treasury Department, Treasury, Securities, Financial Times, U.S . Securities Industry, Financial Markets Association, Thomson Locations: Beijing, China, U.S, Bengaluru, Washington, Carolina

☆ US Treasury Dept aware of cybersecurity issue at ICBC affecting Treasury market -spokesperson
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: 1 min

The logo of Industrial and Commercial Bank of China (ICBC) is seen at its branch at its headquarters in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsCompanies Industrial and Commercial Bank of China Ltd FollowWASHINGTON, Nov 9 (Reuters) - The U.S. Treasury Department is aware of a cybersecurity issue at Industrial and Commercial Bank of China (601398.SS) that has affected the Treasury market, and is in regular contact with key financial sector participants and regulators, a spokesperson said on Thursday. The Treasury issued the statement following a Financial Times report that a ransomware attack at ICBC had "disrupted" the US Treasury market by preventing the bank from settling Treasury trades on behalf of other market participants. Reporting by Pete Schroeder Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Persons: Kim Kyung, Pete Schroeder, Chris Reese Organizations: Industrial, Commercial Bank of China, REUTERS, Commercial Bank of China Ltd, WASHINGTON, U.S . Treasury, Treasury, Times, US Treasury, Thomson Locations: Beijing, China, ICBC

Industrial and Commercial Bank of China Ltd (ICBC)'s logo is seen at its branch in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsCompanies Industrial and Commercial Bank of China Ltd FollowNov 9 (Reuters) - A ransomware attack on Industrial and Commercial Bank of China (ICBC) disrupted some trades in the U.S. Treasury market on Thursday, the Treasury Department said. In ransomware attacks, hackers encrypt an organization's systems and demand ransom payments in exchange for unlocking them. The Financial Times reported earlier on Thursday that the U.S. Securities Industry and Financial Markets Association (SIFMA) told members that ICBC (601398.SS) had been hit by ransomware that disrupted the U.S. Treasury market by preventing it from settling trades on behalf of other market players. We continue to monitor the situation," a Treasury spokesperson said in a response to a question about the FT report.

Persons: Kim Kyung, Urvi, Pete Schroder, Zeba Siddiqui, Alexander Smith, Michelle Price, Lisa Shumaker Organizations: Commercial Bank of China Ltd, REUTERS, Industrial, Commercial Bank of China, U.S . Treasury, Treasury Department, Financial Times, U.S . Securities Industry, Financial Markets Association, Treasury, Thomson Locations: Beijing, China, U.S, Bengaluru, Washington

☆ Nomura is merely first in line for new China risk
▼ + stars: | 2023-09-25 | by ( Una Galani | ) www.reuters.com time to read: +4 min

After all, Nomura is a minnow in China, ranking 82nd in investment banking in the country by net revenue in 2021, data from Dealogic shows. Like most of its more successful global investment banking peers, Nomura has an eye on deepening its business in China. It acquired a license for a majority-owned securities joint venture, Nomura Orient International Securities, in 2019. Follow @ugalani on TwitterCONTEXT NEWSAuthorities in China have barred Charles Wang Zhonghe, China investment banking chair at Nomura, from leaving the mainland, Reuters reported on Sept. 25 citing two sources with knowledge of the matter. Beijing’s investigation into Cong, former president of China Renaissance Holdings, resulted in the investment bank’s founder Bao being taken away by Chinese authorities in February.

Persons: Charles Wang Zhonghe, Nomura, Goldman Sachs, Morgan Stanley, Wang, Bao Fan, hasn’t, Xi Jinping, Banks, Cong Lin, Bao, Cong, Nomura’s Wang, Antony Currie, Oliver Taslic Organizations: Reuters, Financial Times, UBS, HK, China Securities, Nomura, Commercial Bank of China, China, Apple, Nomura Orient International Securities, Authorities, China Renaissance Holdings, ICBC, Commercial Bank of China Ltd, Thomson Locations: MUMBAI, China, Hong Kong, It’s, Singapore, People’s Republic

☆ China bans Nomura senior investment banker from leaving mainland — sources
▼ + stars: | 2023-09-25 | by ( ) www.cnbc.com time to read: +3 min

Signage for Nomura Holdings Inc. displayed outside a Nomura Securities Co. branch in Tokyo, Japan, on Monday, April 24, 2023. Authorities in China have ordered a senior Nomura Holdings banker overseeing the firm's investment banking operations there not to leave the mainland, two sources with knowledge of the matter said. Charles Wang Zhonghe, China investment banking chairman at Nomura, is prohibited from travelling outside the mainland, said the sources, who sought anonymity as they were not authorised to speak to media. A Reuters analysis has found an apparent surge of court cases involving such bans in recent years, and foreign business lobbies are voicing concern about the trend. In August last year, he was also appointed as chairman of Nomura Orient International Securities, the bank's majority-owned securities business headquartered in the commercial hub of Shanghai.

Persons: Charles Wang Zhonghe, Wang, Nomura, Bao Fan, Cong Lin, Bao, Cong, Nomura's Wang, Wang Wenbin, Mintz, Zhong Organizations: Nomura Holdings Inc, Nomura Securities Co, Nomura Holdings, Nomura, Financial Times, China Renaissance Holdings, ICBC, Commercial Bank of China Ltd, Reuters, Bain & Company, Group, Beijing, European Union, Deutsche Bank, Securities, Nomura Orient International Securities Locations: Tokyo, Japan, China, Hong Kong, Beijing, Shanghai

☆ China bans Nomura senior investment banker from leaving mainland -sources
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +4 min

The logo of Nomura Securities is pictured at the company's Otemachi Head Office in Tokyo, Japan, November 18, 2016. Charles Wang Zhonghe, China investment banking chairman at Nomura, is prohibited from travelling outside the mainland, said the sources, who sought anonymity as they were not authorised to speak to media. Asked why the Nomura banker was barred from leaving, Chinese foreign ministry spokesperson Wang Wenbin said he did not have knowledge of the situation at a regular news briefing on Monday. A Reuters analysis has found an apparent surge of court cases involving such bans in recent years, and foreign business lobbies are voicing concern about the trend. In August last year, he was also appointed as chairman of Nomura Orient International Securities, the bank's majority-owned securities business headquartered in the commercial hub of Shanghai.

Persons: Toru Hanai, Charles Wang Zhonghe, Wang, Nomura, Bao Fan, Cong Lin, Bao, Cong, Nomura's Wang, Wang Wenbin, Mintz, Zhong, Selena Li, Kane Wu, Makiko Yamazaki, Liz Lee, Sumeet Chatterjee, Clarence Fernandez Organizations: Nomura Securities, REUTERS, Authorities, Nomura Holdings, Nomura, Financial Times, China Renaissance Holdings, HK, ICBC, Commercial Bank of China Ltd, Reuters, Bain & Company, Group, Beijing, European Union, Deutsche Bank, Securities, Nomura Orient International Securities, Thomson Locations: Tokyo, Japan, HONG KONG, China, Hong Kong, Beijing, Shanghai

☆ Three major China banks to lower rates on existing first-home mortgages
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +1 min

People walk past a branch of Industrial and Commercial Bank of China (ICBC) in Beijing, China April 1, 2019. REUTERS/Florence Lo/File Photo Acquire Licensing RightsBEIJING, Sept 7 (Reuters) - Three of China's major state banks said on Thursday they will start to lower interest rates on existing mortgages for first-home loans. Interest rates on existing first-home loans will be cut to the level in place when a home was purchased, the Industrial and Commercial Bank of China Ltd (ICBC) (601398.SS), Agricultural Bank of China (601288.SS) and Bank of China Ltd (BOC) (601988.SS) said in statements. China's home loans totalled 38.6 trillion yuan ($5.3 trillion) at the end of June, representing 17% of banks' total loan books. ($1 = 7.3232 Chinese yuan)Reporting by Ziyi Tang and Ryan Woo; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, Ziyi Tang, Ryan Woo, Edwina Gibbs Organizations: Industrial, Commercial Bank of China, REUTERS, Rights, Commercial Bank of China Ltd, Agricultural Bank of China, Bank of China Ltd, BOC, Thomson Locations: Beijing, China, Rights BEIJING

The logo of Industrial and Commercial Bank of China (ICBC) is pictured at the entrance to its branch in Beijing, China April 1, 2019. Industrial and Commercial Bank of China Ltd (ICBC) (601398.SS), the country's biggest lender, and Bank of China (BoC) (601988.SS) posted in exchange filings first half profit growth of 1.2% and 0.78%, respectively, from a year earlier. "There are some regional risks that have begun to emerge," Liu said, adding that asset quality has declined slightly but remains under control. BoC's NIM narrowed to 1.67% at end-June from 1.7% at end-March. "Chinese banks are likely to continue to face earnings pressure from margin compression," said Ming Tan, director at S&P Global Ratings.

Persons: Florence, Liu Jiandong, Liu, NIM, BoC's NIM, ICBC, Ming Tan, Tan, BoC's, Ziyi Tang, Engen Tham, Selena Li, Muralikumar Anantharaman, Mark Potter, Kirsten Donovan Organizations: Industrial, Commercial Bank of China, REUTERS, BoC, Commercial Bank of China Ltd, Bank of China, Thomson Locations: Beijing, China, BEIJING, SHANGHAI, HONG KONG, ICBC's

☆ Top China bank ICBC posts 1.2% H1 profit rise
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: 1 min

The logo of Industrial and Commercial Bank of China (ICBC) is pictured at the entrance to its branch in Beijing, China April 1, 2019. REUTERS/Florence Lo/File Photo Acquire Licensing RightsBEIJING, Aug 30 (Reuters) - Industrial and Commercial Bank of China Ltd (ICBC) (601398.SS), the country's biggest lender, said on Wednesday net profit grew 1.2% year-on-year in the first half of this year. Profit was 173.74 billion yuan ($23.83 billion) for the first half of this year, compared with the restated 171.67 billion yuan in the same period a year earlier, the bank said in a filing. ($1 = 7.2543 Chinese yuan renminbi)Reporting by Ziyi Tang, Engen Tham and Selena Li; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, Ziyi Tang, Engen Tham, Selena Li, Muralikumar Organizations: Industrial, Commercial Bank of China, REUTERS, Rights, Commercial Bank of China Ltd, Profit, Thomson Locations: Beijing, China, Rights BEIJING

China cut its one-year benchmark lending rate on Monday, which is set to further weigh on banks' NIM. Chinese commercial banks' NIM shrank sharply to 1.74% last quarter from 1.91% at the end of 2022, official data showed. Shares of China's biggest five banks have been sliding since early May amid concerns over the weakening economy. Debt-laden municipalities represent a major risk to China's economy and financial stability, after years of over-investment in infrastructure and plummeting returns from land sales. Still, there's really no getting around the fact that banks will need to sacrifice profitability to support the economy this year," Beddor added.

Persons: Florence, headwinds, Gary Ng, NIM, Christopher Beddor, there's, Beddor, Ziyi Tang, Ryan Woo, Sumeet Chatterjee, Himani Organizations: Bank of Communications, Fair for Trade, Services, REUTERS, China Construction Bank, Corporate, Investment Banking, Industrial, Commercial Bank of China, Bank of Communications Co, Agricultural Bank of China, JPMorgan, Thomson Locations: Beijing, China, BEIJING

☆ China's biggest state banks cut deposit rates
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +2 min

BEIJING, June 8 (Reuters) - China's biggest banks on Thursday said they have lowered interest rates on yuan deposits, in actions that could ease pressure on profit margins and reduce lending costs, providing some relief for the financial sector and wider economy. Industrial and Commercial Bank of China Ltd (601398.SS), Agricultural Bank of China Ltd (601288.SS), Bank of China Ltd (601988.SS) and China Construction Bank Corp (601939.SS) all cut their rates from Thursday, websites from each bank showed. The state-backed banks cut rates on demand deposits by 5 basis points and three-year and five-year time deposits by 15 basis points. China cut the RRR in March but has kept its benchmark lending rate unchanged this year, as widening yield differentials with the United States limited the scope for substantial monetary easing. Major state banks' net interest margins have shrunk following pressure to lower borrowing cost for individuals and businesses to stimulate the economy, and as credit demand remains subdued.

Persons: Gary Ng, Ng, Christopher Cushing, Sam Holmes Organizations: Industrial, Commercial Bank of China Ltd, Agricultural Bank of China Ltd, Bank of China Ltd, China Construction Bank Corp, Asia Pacific, United, People's Bank of China, CSI Banks, Beijing, Thomson Locations: BEIJING, China, Asia, United States

☆ Chinese lenders focus on risk management amid global banking crisis
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

BEIJING, April 3 (Reuters) - China's top lenders should enhance risk management practices and be more sensitive to macroeconomic fluctuations, senior Chinese banking officials said, in response to a global banking sector crisis that has roiled financial markets. The collapse of Silicon Valley Bank (SVB) suggests banks should strictly abide by the regulatory requirements and measures of risk management, Xie Xiaoxue, from China Construction Bank Corp's (CCB) credit management department, said. "China's commercial banks should constantly improve the organisational structure of risk management and strengthen risk governance with sound and prudent measures," Xie wrote. Executives at China's big five banks said during annual results last week the lenders have limited exposure to the banking crisis. Xie said that Chinese banks should fully use stress tests and other tools to measure the impact of economic fluctuations and the changes in market participants' financial situations.

☆ Pakistan expects $1.3 bln financing from China's ICBC soon
▼ + stars: | 2023-03-03 | by ( Asif Shahzad | ) www.reuters.com time to read: +1 min

ISLAMABAD, March 3 (Reuters) - Cash-strapped Pakistan will receive $1.3 billion in financing from the Industrial and Commercial Bank of China Ltd in coming days to help shore up its foreign exchange reserves, Finance Minister Ishaq Dar said on Friday. Dar said the total $2 billion is in effect Pakistan borrowing back the debt repayments it has paid to Beijing for previously agreed loans. He said Pakistan will need $5 billion external financing to close its financing gap this fiscal year, which ends in June. More external financing will be coming to Pakistan only after Islamabad signs a deal with International Monetary Fund (IMF), which the minister said should be done by next week. Reporting by Asif Shahzad and Ariba Shahid; editing by John Stonestreet and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Three of China's largest lenders report over 6% rise in third quarter profit
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] People stand at a booth of Industrial and Commercial Bank of China (ICBC) during the 2022 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 1, 2022. REUTERS/Tingshu WangBEIJING, Oct 28 (Reuters) - Three of China's largest lenders posted third quarter profit rises of over 6% as non-performing loan ratios shrunk. Industrial and Commercial Bank of China Ltd (ICBC) (601398.SS), the world's largest commercial lender by assets, said net profit rose 6.8% year-on-year in the third quarter in a Friday filing. All three lenders posted slight falls in non-performing loan ratios in the third quarter. Both ICBC and AgBank posted NPL ratios of 1.4% for the end of September compared to 1.41% at the end of the quarter before.

☆ Big Chinese banks pledge enhanced support for economy as Xi sounds call for growth
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Oct 17 (Reuters) - China's six largest state-owned banks vowed they will enhance support to the slowing economy, in response to President Xi Jinping's call for a high-quality economic growth at the opening of a critical Communist Party Congress. Their pledges of support came after Xi opened the once-in-five-year party Congress in Beijing with a speech on Sunday morning in which he said China would aim for high-quality economic growth and will unwaveringly support the private economy. The world's second-largest economy narrowly avoided contracting in the second quarter, weighed by widespread COVID-19 lockdowns and the slumping property sector. During the third quarter, banks ramped up credit support to property industry, infrastructure sector and small- and midsized businesses. China's big state-owned banks are usually the quickest to respond to the government's policy directions.

☆ China's smaller banks cut deposit rates to ease margin pressure
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +4 min

Several Chinese city commercial banks and rural commercial lenders have cut their rates on a range of deposits this week, according to statements released on the banks' websites. The smaller lenders followed in the footsteps of some of China's biggest state-owned banks, which implemented rate cuts earlier this month. Peiqian Liu, China economist at Natwest Markets, noted the commercial banks' deposit rate cuts are part of the monetary policy transmission mechanism after the central bank cut key policy rates in August. "This rate cut by commercial banks will help improve the profit margin slightly and is technically opening up more space for further (benchmark lending) rate cuts." Four of the five of China’s largest banks, except for Bank of China, reported falling net interest margins (NIMs) in the second quarter.

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