Select a page

Banking News

ICBC to establish leasing unit

ICBC to establish leasing unit

(21 September 2007 – China) Industrial and Commercial Bank of China (ICBC) has gained approval from the banking regulator to establish a leasing unit with registered capital of two billion yuan (A$308.38 million). The bank said that the company would be set up in northern Tianjin's Binhai New Area, which is an economic zone that Beijing has earmarked as a testing ground for financial reforms.

The leasing unit, which has been set up to create new revenue streams, will be involved in the international leasing of large equipment such as ships and aircraft.

The statement said that the bank also planned to deliver leasing products, as well as services in asset management and industrial investment.

The bank said that this will further improve their capabilities in offering cross-market services and diversifying profit streams and operations.

The announcement by ICBC, China’s largest commercial bank, follows the approval of a joint financial leasing company set up jointly by China Construction Bank and Bank of America.

The China Banking Regulatory Commission lifted a ten year ban on commercial banks investing in leasing companies, in March 2007.

Comment on this article


Your comments will not be published. Required fields are marked *


Please enter the word you see in the image below:


Subscribe to our mailing list

Sign up now to keep up-to-date with the latest
market news and insights in B2B banking.

* indicates required

For more information please read our Terms and Conditions and Privacy Statements.