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October 11, 2019

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ICBC unveils Yangtze Delta solutions

The Industrial and Commercial Bank of China, the country’s largest commercial lender, unveiled a set of financial solutions yesterday in Shanghai aimed at supporting the integrated development of the Yangtze River Delta region.

The bank also launched a new branch in the Lingang new area of the China (Shanghai) Pilot Free Trade Zone, which will offer comprehensive financial services in the area and facilitate companies in cross-border settlement, investment and financing.

During the next five years, ICBC will grant an additional 2 trillion yuan (US$280 billion) to fund retail customers, enterprises and projects in the region, said Gu Shu, president of the state-owned lender.

The bank now serves 140 million individual customers and 2.2 million corporate clients in the Yangtze River Delta, with the balance of loans in the area exceeding 3.3 trillion yuan.

Its accumulated investment in local government bonds in the region stands at 635.7 billion yuan, leading the market.

ICBC also announced that it would build three major business centers in Shanghai: a financial innovation center, a cross-border business center and a financial market trading center.

To promote the upgrading and transformation of traditional industries in the region,

ICBC said that it would focus on providing better financial products and offerings in five major areas. These include infrastructure connectivity, ecological environment protection and governance.




 

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