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Industrial and Commercial Bank of China Ltd (1398.HK)

1398.HK on Hong Kong Stock

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Latest Key Developments (Source: Significant Developments)

Industrial And Commercial Bank of China Ltd - ICBC executives released from custody in Spanish money laundering case - Reuters News
Tuesday, 12 Apr 2016 09:44am EDT 

Industrial And Commercial Bank of China Ltd:A Spanish court on Tuesday ordered the release from custody of two Chinese banking executives arrested in February as part of a money laundering probe into China's biggest bank, the Industrial and Commercial Bank of China (ICBC) - RTRS.The two Madrid-based ICBC executives, Liu Gang and Liu Wei, were released after the court decided there was no flight risk and dismissed concerns that they might destroy evidence, court documents said. A third ICBC employee will remain in jail.The ruling on their release does not anticipate the outcome of their case. The two men will have their passports taken away and will have to appear in court at least twice a month.Neither ICBC nor the executives have issued any comment on the case since it started in February.The bank, which had asked for the release of its staff, had previously said it was cooperating with the authorities and had always strictly implemented money laundering regulations.Three were released after they paid bail of 100,000 euros ($113,770).The other threehave been in jail since the end of February as a precautionary measure allowed under Spanish law while an investigating judges work on the case.Spanish courts can refuse bail on the grounds that a person could be a flight risk, or if they are concerned that evidence might be destroyed.The Spanish investigation is looking into allegations that funds were transferred by a criminal group via the bank to China.  Full Article

Industrial And Commercial Bank of China announces 2015 dividend payment
Wednesday, 30 Mar 2016 08:00pm EDT 

Industrial And Commercial Bank of China Ltd:To pay cash dividend of 2.33 yuan per 10 shares (before tax) to shareholders for 2015.  Full Article

Industrial And Commercial Bank of China Ltd - Britain's finance regulator may step-up inspections of China banks - Caixin - Reuters News
Monday, 28 Mar 2016 11:01pm EDT 

Industrial And Commercial Bank of China Ltd:Britain's finance regulator may ramp up financial crime inspections at the London branches of two of China's biggest banks, with a focus on money laundering and anti-corruption, the Chinese magazine Caixin quoted unidentified sources as saying - RTRS.China's banks have been dogged by allegations of lax compliance and money laundering in their European branches over the last year.The Financial Conduct Authority, or FCA, plans to strengthen inspections at the London branches of China's largest lender, the Industrial and Commercial Bank of China (ICBC) 601398.SS1398.HK, and China Construction Bank Corp (CCB) 601939.SS, Caixin said on Tuesday.The inspections would focus on areas such as anti-money laundering and anti-corruption, it added.Spokesmen for CCB and ICBC declined to comment when contacted by telephone. A spokesman for the FCA also declined to comment.Spanish police arrested five directors of ICBC after they raided the lender's Madrid offices as part of an investigation into alleged money laundering in February.Bank of China said in March it is considering all its options in an Italian case in which it is alleged that billions of euros of illicit earnings were laundered through its Milan branch.  Full Article

Industrial And Commercial Bank of China Ltd - Six arrested in ICBC money laundering case ordered to jail - Reuters
Friday, 19 Feb 2016 11:03pm EST 

Industrial And Commercial Bank of China Ltd:Six staff at the Madrid branch of China's biggest bank Industrial and Commercial Bank of China (ICBC) who were detained this week in an investigation into alleged money laundering were ordered to jail by a Madrid court on Saturday - RTRS.The six testified for more than 14 hours on Friday and early on Saturday as part of the investigation known as "operation Shadow".Three were ordered to jail without bail and the other three were ordered to jail but granted bail of 100,000 euros. It was not immediately clear if they had paid the bail.The court said in a statement that all six were suspected of having committed "several economic crimes", without giving any further details.A legal source had earlier said the six faced charges of money laundering, fraud and tax crimes and that one of them was the Madrid branch's general manager.Under Spanish law, if there is enough evidence of a crime, suspects can be held in jail while an investigative judge continues to work on the case. This can take weeks, months or in some cases as long as two years before a trial is set.The arrests follow an investigation by police, the Spanish tax agency and Europol into alleged money laundering through the branch involving funds transferred by a criminal group via the bank to China.In a previous statement released on Friday the court had said the Madrid branch would continue to operate.  Full Article

Industrial And Commercial Bank of China Ltd - Police arrest five after raid at China bank ICBC's Madrid office - Reuters
Wednesday, 17 Feb 2016 02:02pm EST 

Industrial And Commercial Bank of China Ltd:Spanish police have arrested five directors of Industrial and Commercial Bank of after they raided the lender's Madrid offices as part of an investigation into alleged money laundering. - RTRS.China's large state-owned lenders have been dogged by allegations of improper conduct as they expand abroad and the probe into ICBC by police.the Spanish tax agency and Europol involves funds handled by a criminal group which the Interior Ministry says passed through the bank and were transferred to China.Over 100 police were involved in the operation, which saw the arrest of five ICBC directors, Europol said in a statement on Wednesday.A Beijing-based spokesman for ICBC, China's largest bank in terms of assets, said its Madrid branch was cooperating with the investigation."Strictly implementing anti-money laundering regulations, and strictly operating within the law and regulations have always been our fundamental operation and management principles," the spokesman added.The Chinese embassy in Spain also said it currently had no reason to believe ICBC had been breaking the law, adding that it had not received official notification about the case from the Spanish authorities.The probe into ICBC follows a slew of allegations of money laundering levied against other Chinese banks.  Full Article

Industrial And Commercial Bank of China Ltd - Anti-graft watchdog censures 137 at China's biggest bank ICBC - Reuters
Monday, 7 Dec 2015 01:13pm EST 

Industrial And Commercial Bank of China Ltd:China's anti-graft watchdog said on Tuesday it censured 137 bankers at the Industrial and Commercial Bank of China (ICBC) 601398.SS 1398.HK, the country's largest lender, the latest move in a campaign against corruption in the financial sector - RTRS.The announcement comes just weeks after anti-graft agents probed two of China's largest brokerages and censured four executives at a leading insurer - RTRS.The widening campaign has unnerved a financial industry recovering from a summer of plummeting stock prices, with fear of becoming entangled in investigations spreading among foreign investors - RTRS.On Tuesday, the Central Commission for Discipline Inspection (CCDI), in a statement on its official website, said an investigation uncovered 25 instances of violations of Chinese Communist Party discipline at ICBC involving 47 people. - RTRS.The CCDI said offences included organising prohibited internal banquets and accepting holidays from clients, and that it gave offenders warnings with different degrees of severity - RTRS.The watchdog said there were 18 other types of disciplinary cases involving 90 employees, some of whom received warnings while others were fired. It did not elaborate on the offences - RTRS.  Full Article

Industrial And Commercial Bank of China announces 2015 overseas preferred stock dividend payment date
Thursday, 3 Dec 2015 07:00pm EST 

Industrial And Commercial Bank of China Ltd:Announces 2015 overseas preferred stock dividend payment date.To pay $196,000,000 for dollar preferred stock dividend, to pay 40,000,000 euros for euro preferred stock dividend and to pay 800,000,000 yuan for yuan preferred stock dividend to shareholders of record on Dec. 9, for 2015.The company's shares will be traded ex-right and ex-dividend on Dec. 10 and the dividend will be paid on Dec. 10.The initial dividend yield of 6 pct.  Full Article

Industrial and Commercial Bank of China Ltd - ICBC Standard Bank to pay $37 mln in landmark bribery plea deal - Reuters
Monday, 30 Nov 2015 12:43pm EST 

Industrial and Commercial Bank of China Ltd:ICBC Standard Bank Plc agreed to pay nearly $37 million and enter into a British financial regulator's first deferred prosecution agreement to end probes into bribery of officials in Tanzania - RTRS.The accord marks the first time that Britain's Serious Fraud Office has used a DPA, which typically lets a company avoid prosecution if it pays a fine and implements compliance measures - RTRS.Monday's settlement resolved claims centred on an alleged $6 million bribe paid to Tanzanian officials by the Tanzanian unit of South Africa's Standard Bank SBKJ.J, in connection with work in 2012 and 2013 on a $600 million private placement for the government - RTRS.ICBC Standard Bank agreed to pay the SFO a $16.8 million fine and about $500,000 to cover costs, disgorge $8.4 million of profit, and pay $7.05 million to the Tanzanian government - RTRS.It also agreed to pay $4.2 million to settle related civil charges by the U.S. Securities and Exchange Commission- RTRS.The three-year deferred prosecution agreement incorporates a statement of facts detailing the bank's alleged failure to prevent bribery - RTRS.London-based Standard Bank changed its name to ICBC Standard Bank following the acquisition of a 60 percent stake by China's ICBC 601398.SS in February - RTRS.  Full Article

Industrial And Commercial Bank of China Ltd - UK's Serious Fraud Office set for first plea deal, with ICBC Standard Bank - Reuters
Thursday, 26 Nov 2015 08:17am EST 

Industrial And Commercial Bank of China Ltd:London-headquartered ICBC Standard Bank Plc is the first company to enter a new type of plea deal with Britain's Serious Fraud Office, a move which one lawyer called a "defining moment" in English criminal law - RTRS.The SFO said on Thursday its first proposed deferred prosecution agreement (DPA) has already been approved in principle by senior judge Brian Leveson and final approval would be sought at a London court hearing on Nov. 30 - RTRS.A DPA is a court-approved deal under which a company is charged with wrongdoing but legal proceedings are suspended in return for accepting a range of sanctions that can include a fine, payment of compensation and monitoring - RTRS.ICBC Standard Bank specialises in global commodities, fixed income, currencies and equities and is 60 percent owned by the Industrial and Commercial Bank of China (ICBC) and 40 percent by South Africa's Standard Bank Group - RTRS.Standard Bank Group said in a statement in Johannesburg that fines over events that took place in 2012 and 2013 were not expected to exceed $40 million. The banks said they were not permitted to provide any further details about the case before Monday - RTRS.Under English law, a corporation is only criminally liable if bosses - the "controlling mind" - are culpable. The 2010 Bribery Act introduced an offence of "failing to prevent" bribery, but this does not extend to other criminal offences - RTRS.  Full Article

Industrial And Commercial Bank of China to pay preferred stock dividend for 2015
Friday, 30 Oct 2015 08:00pm EDT 

Industrial And Commercial Bank of China Ltd:Announces dividend rate of preferred stock dividend for 2015 is 6 pct (before tax).To pay $196,000,000 (before tax) in total for dollar preferred stock dividend for 2015.To pay 40,000,000 euros (before tax) in total for euro preferred stock dividend for 2015.To pay 800,000,000 yuan (before tax) in total for yuan preferred stock dividend for 2015.Payment date Dec. 10.  Full Article

UPDATE 1-China c.bank says ICBC Moscow to be yuan clearing bank in Russia

Beijing, Sept 23 China's central bank said it has authorized the Moscow subsidiary bank of Industrial and Commercial Bank of China (ICBC) to be a yuan clearing bank in Russia.