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ICBC Selected as China's Best Bank
The Industrial and Commercial Bank of China (ICBC) has been selected by Euromoney magazine as the best bank in the Chinese mainland in 2000, according to ICBC sources.
Euromoney's July edition includes its selection of the best financial institutions of the year in various countries and regions.
The magazine also ranked ICBC 11th on the list of global 250 largest banks in terms of their ownership equity. Meanwhile, Britain's Banker magazine rated the ICBC 10th on the list of global 1,000 banks based on capital strength, according to ICBC sources.
A spokesman for ICBC said that in its 16-year history, ICBC has conducted a series of major reforms in an effort to better serve the needs of a market economy. Now it has established the framework of a State-owned commercial bank and has taken the lead among Chinese commercial banks to practice a unified legal person system.
The bank has also built an internationally advanced capital settlement system, providing capital settlement services for many large enterprises and financial institutions.
In interbank cooperation, ICBC has signed business cooperation agreements with the United State's State Street Bank, the Bank of America and some other international large banks, as well as China 's policy banks, share-holding banks, city commercial banks, securities firms and insurance companies, and has had major development in capital settlement, fund-raising, securities hypothecation loans and some other businesses.
Only recently ICBC completed its acquisition of the Hong Kong Union Bank, which is the first such deal conducted by a Chinese commercial bank.
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