Industrial and Commercial Bank of China
ICBC became the world's largest bank by total assets in 2012 (based on year-end balance sheet) and has kept this rank ever since.Subsequently, ICBC bought out COSCO's stake and acquired an additional 5 percent from Credit Suisse.China's largest commercial bank was also the first company to debut simultaneously on both the Hong Kong and Shanghai stock exchanges.According to Bloomberg, ICBC's market capitalisation at the end of trade based on its Hong Kong shares was US$156.3 billion, making its equity the world's fifth highest among banks, just behind JPMorgan Chase.[27] In August 2008, ICBC became the second Chinese bank since 1991 to gain US federal approval to establish a branch in New York City.[44] The attack was against the US unit of ICBC, which at the time was considered the world's largest lender by assets, as reported by Bloomberg."[45] The attack against ICBC resulted in the bank being unable to clear a large number of US Treasury trades over the next day and forced others to reroute orders, upsetting normal operations.[48] ICBC has the policy[49] of preparing accounts conforming to the[5] International Financial Reporting Standards,[50][5] accepting specifically criteria IFRS 9 (pertains to the definition and rating of asset, liability, and a number of all of the existing purchasing contracts for non-financial purchases[51]) from 1 January 2018, and IFRS 16 (pertaining to lease[52]) from 1 January 2019.ICBC and Bank of China will finance environmentally friendly projects along the Yangtze River by investing 8 billion yuan each in the National Green Development Fund.ICBC (Europe) S.A., based in Luxembourg, operates a network covering branches in major European cities, namely Paris, Amsterdam, Brussels, Milan, Madrid, Barcelona, Warsaw and Lisbon.[66][67] In November 2015, ICBC Standard Bank, an overseas subsidiary acquired in February of that year, agreed to pay a fine of a maximum of $40 million to UK authorities.[71] On 12 August 2021, a former senior banker at Industrial and Commercial Bank of China, Gu Guoming was sentenced to life in jail by Chinese authorities, after being found guilty of bribery.