Streetbeat News

IDCBF

Industrial & Commercial Bank of China Ltd.

http://www.icbc.com.cn/

Industry

Commercial Banking

Open

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Indonesia has experienced a significant cyberattack by the LockBit ransomware gang, affecting over 40 government entities, including major airports and immigration services. The attackers demanded an $8 million ransom in Bitcoin and Ethereum, which the government refused to pay. Efforts are ongoing to restore data at affected agencies.

Portfolio Pulse from Aniket Verma

June 27, 2024 | 5:25 am

DouYu International Holdings Limited's CEO Chen Shaojie has been missing for three weeks amid China's anti-corruption crackdown, raising concerns about his whereabouts and the company's future. DouYu, known for its live-streaming services, has stated that business operations will continue as usual. The crackdown has affected various industries, with executives from finance and real estate, including the Industrial And Commercial Bank Of China Ltd. and Evergrande Group, also under investigation.

Portfolio Pulse from Nabaparna Bhattacharya

December 09, 2023 | 4:35 pm

The U.S. financial services division of the Industrial and Commercial Bank of China (ICBC) experienced a ransomware attack by LockBit 3.0, affecting U.S. Treasury trades. ICBC managed to clear Treasury and repo financing trades, but reports indicated some disruption in the settlement process for other market participants. The attack's impact on the broader market was considered limited, and ICBC's other systems, including its China operations, were not affected.

Portfolio Pulse from Vandana Singh

November 10, 2023 | 5:45 pm

UBS Group AG has signed a memorandum of understanding with Industrial And Commercial Bank Of China Ltd. to explore strategic alliances in China and overseas markets. The collaboration could include asset management, wealth management, and investment and corporate banking. This follows UBS's acquisition of Credit Suisse last year, which allowed UBS to secure a 20% interest in ICBC Credit Suisse Asset Management Company. Other banks, such as JP Morgan Chase & Co., are also expanding their presence in China.

Portfolio Pulse from Nabaparna Bhattacharya

September 26, 2023 | 1:40 pm

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