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IDCBY

Industrial & Commercial Bank of China Ltd.

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

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Monetary Authorities-Central Bank

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UBS Group AG (NYSE:UBS) is determined to expand its wealth and asset management operations in China despite economic challenges and global tensions. Eugene Qian, UBS's China head, emphasized the importance of the Chinese market and the bank's plans to grow its onshore platforms. UBS did not integrate Credit Suisse's wealth management team in China after their merger. UBS has also signed a memorandum of understanding with the Industrial And Commercial Bank Of China Ltd (OTC:IDCBY) to serve clients and strengthen its presence in China, which is part of a long-term strategy.

Portfolio Pulse from Benzinga Neuro

January 08, 2024 | 6:21 am

The New York branch of the Industrial and Commercial Bank of China (ICBC) experienced a cyberattack involving Lockbit 3.0 ransomware, which disrupted the U.S. Treasury market. The attack exploited vulnerabilities in Citrix-managed services, previously flagged by U.S. officials. ICBC's Financial Services unit, significant in the Treasury market, had to disconnect from the market and manually clear trades. The FBI, DHS, and CISA had warned about such vulnerabilities and ransomware risks earlier.

Portfolio Pulse from Vandana Singh

November 14, 2023 | 4:46 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

China's state-owned fund Central Huijin Investment Ltd. has bought $65.7 million in shares of Bank of China Ltd., China Construction Bank Corp, Agricultural Bank of China Ltd., and Industrial & Commercial Bank of China Ltd., raising its stake in each bank by ten basis points. The fund plans to continue these purchases over the next 6 months. Meanwhile, property developer stocks fell due to gloomy data from the Hong Kong home market, and EV stocks rose on positive sentiment. The report also mentioned that Chinese companies are gradually returning to list on US exchanges, albeit at a slower pace.

Portfolio Pulse from Daniel Harrison

October 12, 2023 | 3:54 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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