As the world’s biggest commercial bank by assets, this global financial powerhouse has been a key player in the global economy for the past three decades. The 32-year old state-run firm has had a major role in the rise of China’s economy and has made heavy loans to the manufacturing and transportation sectors during its building boom. But as China’s economy has begun to slow, investors are worried that China’s growth figures were bulked up the country’s rapidly rising debt load. ICBC also has been looking for international business opportunities and has established an office in New York City and pushed aggressively to expand in Australia in a bid to open up the roads for Chinese businesses entering foreign markets.
News about Industrial & Commercial Bank of China
Non-performing loans are growing faster than profits.