What Industrial and Commercial Bank of China does

Industrial and Commercial Bank of China Limited (ICBC) is a state-owned commercial bank headquartered in Beijing, China, founded in 1984 and listed on the Shanghai and Hong Kong stock exchanges since 2006. It is the world's largest bank by total assets, surpassing 50 trillion yuan (approximately USD 7.30 trillion) in 2025, and has held the #1 position in Brand Finance's global bank brand value ranking for ten consecutive years. ICBC serves individuals, small and micro enterprises, large corporates, financial institutions, and government clients through 16,000+ domestic branches, dedicated wealth management centers, the 400-66-95588 VIP hotline, mobile/online/WeChat banking, and self-service terminals, with international operations spanning 40+ countries and regions including Dubai (DIFC), New York, Hong Kong, London, Singapore, and Hanoi.

The bank's core product platform spans deposit products (lump-sum time deposits, smart savings plans, large CDs, sweep deposits), consumer and SME loans (Rong e-Borrow, personal pledge loans, personal business loans, mortgage loans), credit cards (Peony series, Auto Card, i-Future digital card, Universal Beijing Resort co-brand, European Travel co-brand with Mastercard), wealth management (self-developed WMPs, mutual funds, bonds, insurance via ICBC-AXA Life JV, precious metals), and treasury/global market products (spot/forward FX, FX swaps, account-based precious metals, gold accumulation). The technology stack includes biometric authentication (fingerprint, face ID), electronic banking transaction infrastructure with tiered U-shield/e-password token/SMS limits, satellite remote sensing for lending risk monitoring, and a $20 billion Global Medium Term Note Programme for multi-currency bond issuance, plus cross-border tri-party repo infrastructure via Bloomberg AIM and VCON. The bank operates subsidiaries in financial leasing, wealth management, and asset management (including a JV with Goldman Sachs Asset Management).

ICBC's revenue model is diversified across net interest income (635.13 billion yuan in 2025), bond investment gains (34.81 billion yuan, up 52% YoY in 2025), wealth management product fees (2.78 trillion yuan in self-developed WMP sales in H1 2026, up 36.6% YoY), credit card interest and fees, investment banking (835.4 billion yuan operating income in 2025, #1 in China for merger financing, bond underwriting, and restructuring advisory), asset custody (annuity trustee scale exceeding 800 billion yuan), FX and precious metals intermediation, and bancassurance commissions. Pricing follows the published Service Price Catalog, with PBOC-guided interest rate adjustments, six-tier customer star pricing benefits, and a transaction-based model for FX/precious metals. Distribution combines a high-touch physical branch and relationship manager model with a multi-channel digital platform (mobile, online, WeChat, phone, self-service).

Name

Industrial and Commercial Bank of China

Legal name

中国工商银行股份有限公司 (Industrial and Commercial Bank of China Limited)

Website

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

Company type

Public

Founded year

1984

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Industrial and Commercial Bank of China (ICBC) is the world's largest state-owned commercial bank by total assets (over 50 trillion yuan), serving individuals, SMEs, corporates, financial institutions, and governments through 16,000+ domestic branches and a 40+ country international network, offering deposits, lending, credit cards, wealth management, investment banking, custody, and FX services.

Ownership category

akta.pro rank

Headquarters

HQ city

Beijing

HQ country

China

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Net Interest Income: Largest revenue stream from lending and deposit-taking activities. Net interest income was 635.13 billion yuan in 2025 (down 0.4% YoY) reflecting loan rate reductions and narrowing net interest margins. Management expects positive YoY growth in net interest income for 2026.
2. Bond Investment Gains: Trading and investment gains from bond holdings, which surged 52% to 34.81 billion yuan in 2025, contributing significantly to net profit growth.
3. Wealth Management Product Sales: Self-developed wealth management product sales reached RMB 2.78 trillion in H1 2026, representing a 36.6% YoY increase, including a JV with Goldman Sachs Asset Management to diversify offerings.
4. Credit Card Interest and Fees: Revenue from credit card balances, installment interest (e.g., 7.2% base rate for 12-month bill installments), annual fees (e.g., 1000 yuan for premium cards), transaction fees, and merchant acquiring through 牡丹卡 (Peony) cards. Credit card NPL ratio reached 4.61%.
5. Investment Banking Fees: Reported operating income of 835.4 billion yuan for 2025; ICBC led China in merger financing, bond underwriting, and restructuring advisory. Earned 2.78 trillion yuan in H1 2026 WMP sales. 2025 bond underwriting scale exceeded 2.2 trillion yuan.
6. Asset Custody and Pension Management: Revenue from custody services for mutual funds, insurance assets, enterprise annuities, QDII, and asset management product outsourcing. Annuity trustee management scale exceeded 800 billion yuan (8,000亿).
7. Precious Metals and Forex Trading Intermediation: Spread-based revenue from intermediating retail and corporate precious metals trading on the Shanghai Gold Exchange, account-based forex, account-based precious metals, account-based crude oil, and spot FX trading. Several major Chinese banks including ICBC are restricting retail precious metals trading services as of 2026.
8. Insurance Distribution and Bancassurance: Commission income from distributing investment-linked, health, accident, and pension insurance products (notably 工银安盛人寿 products) through branch network.
9. Service Fees and Commissions: Fee income from remittances (including cross-border 工银速汇), account management, settlement, custody, guarantees, advisory, and trade finance services, per the published service price catalog.

Pricing tiers

Go-to-market motion1 record

Distribution channels11 records

Marketing channels10 records

Core offering

ICBC is a state-owned commercial bank providing personal banking, corporate banking, investment banking, asset custody, wealth management, insurance, leasing, and pension services. The bank serves individuals, SMEs, large corporates, and institutional clients through 16,000+ domestic branches, digital channels (mobile, online, WeChat, phone), and a global branch network. Its core products include deposits, loans, credit cards, FX/precious metals trading, and proprietary cross-border remittance infrastructure.

Product overview

ICBC operates a platform-plus-modules architecture across Personal Banking, Corporate Banking, and Institutional Banking channels, delivered through physical branches, online banking (融e行), mobile banking, and the integrated 工银e生活 super-app. The core personal banking product portfolio spans deposit products (整存整取, 活期一本通, 智存宝, 零存宝, 定活通), consumer loan products (融e借, 个人质押贷款, 个人家居消费贷款, 个人经营贷款, 二手住房贷款, 创业担保贷款, 小企业周转贷款), and payment services (工银e支付, 工银速汇, 跨境汇款). The credit card portfolio includes flagship co-branded products such as 牡丹超惠系列信用卡 (including the 24K gold edition), 工银爱车信用卡, 工银i未来信用卡, and 工银北京环球度假区联名卡, all supporting Apple Pay, Huawei Pay, Samsung Pay, and UnionPay Cloud QuickPass. Wealth management products include 工银理财, 个人积存金, 如意金积存, account-based precious metals, funds, bonds, and insurance products including 工银安盛联名 products. Corporate banking modules include 经营快贷, 数字供应链融资, 网络融资 (网贷通), 资产托管, 养老金受托管理, and investment banking services. Treasury and global market products include 即期结售汇, 远期结售汇, 外汇利率掉期, and 对公商品交易业务. The 私人银行 (Private Banking) module offers 工银财富 and 理财金账户 for VIP customers, and the personal pension (个人养老金) module was added as a third-pillar pension support service effective December 2024.

Differentiator

Problem solved

Functional benefit

Brands

• Peony (牡丹) / Mudan: ICBC's unified credit and debit card brand under which all bank cards are issued, including Mudan Credit Card, Mudan Debit Card, and Mudan Platinum Card.
• 工银e生活 (ICBC e-Life)
• 工银财富 (ICBC Wealth)
• 工银速汇 (ICBC Express Remittance)
• 融e借 (Rong e-Jie)
• 工银e支付 (ICBC e-Pay)
• 工银理财 (ICBC Wealth Management / ICBC Financial Management)
• ICBC Leasing
• 工银私人银行 (ICBC Private Banking)

Products and services

• Personal Online Banking (网e行网上银行) An online platform with diversified personal banking functions including account inquiry, transfer/remittance, investment/wealth management, credit cards, loans, digital RMB, online payment, and life bill payment. Supports multiple authentication methods including U-shield, electronic password token, SMS, payment password, fingerprint, and face ID for 24/7 self-serve access.
• ICBC Mobile Banking (手机银行) Wide-service-coverage mobile application offering personal pension zone, transfer/remittance, overseas remittance (工银速汇), precious metals, wealth management, and one-stop card management with biometric authentication via fingerprint/face ID.
• ICBC e-Life App (工银e生活) ICBC's personal customer lifestyle service mobile application offering dining, leisure, shopping discounts, interest-free installments, easy repayment, transaction inquiry, credit limit increase, and rewards claim. Includes daily scratch cards, Friday card-payment rewards, and gas discount coupons.
• Peony Chaohui Credit Card Series (牡丹超惠系列信用卡) Co-branded credit card series issued with China UnionPay, including a gold-tier 牡丹超惠信用卡 and a premium 24K gold-crafted 牡丹超惠真金信用卡. Supports full payment modes (swipe, insert, contactless, scan), 6折 installment and overdraft rate discounts, free use of six categories of card fees, with a 24K pure gold craftsmanship edition issued in limited quantities.
• ICBC Auto Credit Card (工银爱车信用卡) Co-branded credit card with China UnionPay for vehicle owners; platinum and gold tiers. Offers 10% auto merchant cashback at 50,000+ merchants in 500+ cities (gas, car wash, parking, charging, rental, beauty, repair, rescue), EV charging discounts, new-customer welcome gift, and travel benefits. Annual fee 1000 yuan (platinum) or 200 yuan (gold), waived with 5 transactions or 5000 yuan spend.
• ICBC i-Future Credit Card (工银i未来信用卡) Digital-only credit card designed for Z-generation customers under the 工银i小宇 brand. Carbon-zero positioning with no physical card. Offers 5-2-1 transportation discounts via China UnionPay (12306 high-speed rail, subway, bus, bike-share), 3-day grace period, and proportional interest calculation.
• ICBC Universal Beijing Resort Co-branded Credit Card (工银北京环球度假区联名卡) Exclusive co-branded credit card with Universal Beijing Resort; issued under American Express and UnionPay brands in platinum and gold tiers. Benefits include early park entry (limited to 100 guests per day), Universal Studios Beijing ticket rewards, two-day-one-night travel package lottery, and ICBC Universal City Walk branch lounge services.
• Baby Growth Card (宝贝成长卡) Themed debit card for minor customers (under 18) with both standard card-face and child-portrait customized versions. Provides dedicated youth savings products (工银压岁金, 宝贝存钱罐, 家庭梦想金), family insurance, precious metals discounts, and children's wealth-management education resources.
• ICBC Lingtong Account Card (工银灵通账户卡) Upgraded debit card product for the digital era, providing personal settlement, e-banking, investment/wealth management, and daily convenience services. Features one-stop sign-up, account lifecycle management, three-dimensional risk control, and an eco-friendly biodegradable version (环保版).
• Lump-Sum Time Deposit (整存整取定期存款) Time deposit product with one-time principal deposit and full or partial withdrawal at maturity. Tenors of 3, 6, 12, 24, 36, or 60 months, minimum deposit 50 RMB. Supports auto-renewal, pledge loans, and early withdrawal at current account rates.
• Comprehensive Current Passbook (活期一本通) Comprehensive multi-currency current savings account supporting both RMB and foreign currencies; offers passbook-style transaction history, inter-branch passbook access, automatic bill-payment registration, and integration with phone/internet banking.
• Smart Savings Plan (智存宝) Automated time deposit plan that converts idle current account balances to time deposits on a customer-configured schedule (monthly deposit amount, tenor, debit date). Tenors of 1, 2, or 3 years, minimum 1000 RMB. Principal and interest return to the current account at maturity.
• Small Savings Plan (零存宝) Optimized installment savings product with minimum 200 RMB monthly deposit and tenors of 1, 3, or 5 years. Supports automatic and manual monthly deposits; missed deposits trigger breach after two consecutive misses.
• Auto-Sweep Time Deposit (定活通) Automated sweep service that converts current account balances above 5000 RMB to time deposits and automatically reverts to current funds when balances fall short. Combines current account convenience with time deposit returns.
• Personal Business Loan (个人经营贷款) RMB loan for small business owners and individual entrepreneurs to meet production/operation capital needs. Loan amount up to 5 million RMB (up to 10 million in some regions), tenor up to 10 years. Supports revolving use and multiple collateral forms including real estate mortgage and guarantee company guarantees.
• Personal Pledge Loan (个人质押贷款) Personal financial-asset pledge loan using deposits, wealth management, insurance, funds, bonds, account trading products, and accumulated gold as collateral. Available via online/mobile banking with self-service application, contract printing, and online disbursement/repayment. Tenor 8 days to 1 year.
• Personal Home Consumption Loan (个人家居消费贷款) RMB loan for home decoration, decoration materials, and other household consumption. Maximum 1 million RMB, tenor up to 10 years, with multiple collateral forms (mortgage, pledge, or combined). Supports revolving credit under maximum guarantee.
• Rong e-Borrow (融e借)
• ICBC e-Payment (工银e支付)
• ICBC Speed Remit (工银速汇)
• Remittance Direct (汇款直通车)
• Account-based Precious Metal
• Personal Pension Service (个人养老金)
• ICBC Wealth Management (工银财富)
• Wealth Management Gold Account (理财金账户)
• Personal Customer Star Service (个人客户星级服务)
• Operating Quick Loan (经营快贷)
• Corporate Online Banking (企业网上银行)
• Cross-border RMB Settlement (跨境贸易人民币结算业务)
• Asset Custody Business (资产托管)
• Enterprise Annuity Service (养老金 / 年金服务)
• Investment Banking (投资银行)
• ICBC e-Government (工银e政务)
• Global Matchmaking (环球撮合荟)
• ICBC Salary Butler (工银薪管家)
• FX Trading (Spot / Forward FX / FX Rate Swap)
• Precious Metal Trading (账户贵金属 / 积存金 / 如意金)
• ICBC European Travel Co-branded Credit Card ICBC European Travel Co-branded Credit Card launched in partnership with Mastercard and the European Travel Commission (ETC) to improve payment convenience for Chinese travelers to Europe; supports 59% of Chinese respondents planning to visit Europe in 2026.

Quantifiable outcome

• Total assets surpassed 50 trillion yuan in 2025 (world's first)
• +9 more outcomes

Named customers16 records

Segments9 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration18 records

AI capability4 records

Feature6 records

Partnerships

Twelve partnerships are on record, tiered core, major and minor.

• Standard Bank CIBcoreStrategic or Co-development PartnerStandard Bank CIB was named Best Trade Finance Bank in Africa 2026 by Global Finance; ICBC's strategic partnership with Standard Bank and ecosystem integration with DP World were highlighted as factors enabling African trade integration with global markets. Standard Bank supported over 9,000 trade finance clients in 2025 with revenues growing 9% YoY, including AI-powered document checking via Traydstream partnership and ESG-linked trade products.
• Goldman Sachs Asset ManagementcoreStrategic or Co-development PartnerICBC maintains a joint venture with Goldman Sachs Asset Management to diversify its wealth management product offerings in China. This supports the bank's RMB 2.78 trillion in self-developed WMP sales during H1 2026 (+36.6% YoY).
• Apple (Apple Pay) and VisacoreTechnology or IntegrationVisa support enabled Chinese Visa cardholders from eight major Chinese banks including ICBC to add their cards to Apple Pay for secure contactless payments at overseas merchants in-store, in-app, and online, with additional banks and Mastercard support planned.
• Mastercard and European Travel Commission (ETC)majorGTM or Marketing PartnerICBC, Mastercard, and ETC jointly launched the ICBC European Travel Co-branded Credit Card to improve payment convenience for Chinese visitors to Europe. Europe welcomed ~10 million Chinese travelers in 2025 and ~59% of Chinese respondents planned to visit Europe in 2026.
• London Stock Exchange Group (LSEG)coreStrategic or Co-development PartnerICBC and LSEG signed a Memorandum of Understanding in Beijing during the UK Prime Minister's visit to China, expanding their longstanding partnership. Cooperation covers global financial markets, data analytics, cross-border renminbi transactions, sustainable finance, and FinTech innovations.
• Ras Al Khaimah (UAE Emirate)majorStrategic or Co-development PartnerRas Al Khaimah signed MoUs with ICBC and Bank of China to enhance cooperation across manufacturing, logistics, ports, renewable energy, and infrastructure. The agreements establish frameworks for facilitating Chinese investment flows and developing financing solutions for major projects in the UAE emirate.
• Deutsche Bank AG (Portugal dim sum bond co-manager)minorChannel Partner/ Reseller/ DistributorICBC co-managed the Republic of Portugal's first euro-area offshore renminbi bond issuance with Deutsche Bank AG, raising approximately €250 million (1.99 billion yuan) in eight-year debt.
• JD LogisticsminorChannel Partner/ Reseller/ DistributorJD Logistics will undertake the delivery service for ICBC debit and credit cards, with ICBC highlighting JD Logistics' ESG achievements and social responsibility contributions.
• Hong Kong Gold Clearing CompanymajorStrategic or Co-development PartnerICBC is among 11 banks on the board of the new Hong Kong government-owned gold-clearing system, targeting a July 2026 launch. Other board banks include Bank of China, HSBC, JPMorgan Chase, and UBS Group. The system mirrors London's infrastructure and allows trade settlement through unallocated accounts.
• Ministry of Finance of Vietnam / Government of VietnammajorStrategic or Co-development PartnerOn March 17, 2026, Vietnam's Minister of Finance Nguyen Van Thang received an ICBC delegation led by President Liu Jun to discuss strengthening financial cooperation. ICBC reaffirmed commitment to financing Vietnam-China railway links, international financial centres in Ho Chi Minh City and Danang, and supporting Vietnamese government with foreign exchange swap operations.
• People's Bank of China (PBOC) and five other major state-owned bankscoreStrategic or Co-development PartnerOn June 17, 2026, at the Lujiazui Forum, the PBOC authorized six major state-owned banks (including ICBC) to conduct offshore RMB forex trading directly from mainland headquarters through the CFETS platform, ending reliance on free-trade zone branches and segregated accounts. The first batch of 43 billion RMB in offshore RMB spot trades has been cleared.
• Bank of China, Shanghai Pudong Development Bank, HSBC (Lingang pilot banks)coreStrategic or Co-development PartnerICBC was awarded a plaque as a pilot bank alongside Bank of China, Shanghai Pudong Development Bank, and HSBC for the comprehensive reform pilot program for offshore trade financial services in Shanghai's Lingang New Area, expanded to all-scenario offshore business under 'specialized companies + first-line liberalization, second-line control'.

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• China Construction Bank: China's second-largest state-owned commercial bank, with comparable full-licence platform across personal, corporate, investment banking, and wealth management. Directly competes with ICBC in the same retail and corporate banking segments, technology lending initiatives (23+ trillion yuan SOE technology loans), and is co-recipient of the 2026 government capital injection.
• Agricultural Bank of China: One of China's Big Four state-owned commercial banks and direct competitor to ICBC across retail, corporate, and rural banking. Also a primary expected recipient of the 2026 300 billion yuan government capital injection, with overlapping technology lending exposure and similar net interest margin compression dynamics.
• Bank of China: China's most internationally-focused Big Four state-owned bank, competing directly with ICBC in cross-border RMB clearing, syndicated lending, and FX/precious metals services. Co-issuer of the 2026 government capital injection and partner in ADNOC/ADQ syndicates, Hong Kong gold clearing, and Ras Al Khaimah MoU.
• Bank of Communications: One of China's six major state-owned commercial banks providing 23+ trillion yuan in technology loans; competes with ICBC in syndicated lending, aviation finance (co-lender with ICBC in CDB Aviation $710M SLL), and corporate treasury services. Comparable in scale, state-ownership, and cross-border ambitions.
• Standard Chartered: Emerging markets-focused international bank with strong Asia, Africa, and Middle East franchise; partnered with ICBC through Standard Bank CIB in Africa trade finance. Competes with ICBC in cross-border RMB clearing, Hong Kong gold clearing board membership, and emerging market syndicated lending.

Broad incumbents

• HSBC Holdings: Global universal bank with a significant Asia franchise (Hong Kong HQ) directly competing with ICBC in cross-border RMB clearing, syndicated lending, and wealth management for high-net-worth clients. Overlaps in Hong Kong gold clearing, trade finance, and serving Chinese corporates going global.
• JPMorgan Chase: Global investment banking leader competing with ICBC in cross-border M&A, syndicated lending, and bond underwriting. ICBC's participation in the ADQ $5bn and ADNOC $11bn deals places it in direct competition with JPMorgan as arranger, with both vying for league-table position in Asia-Pacific.
• Mitsubishi UFJ Financial Group: One of the world's largest banks by assets, comparable to ICBC in scale and international reach. Competitor in syndicated lending to Asia-Pacific corporates, project finance, and Japanese/Chinese cross-border M&A financing, with overlapping customer base among Japanese corporates operating in China.
• Citigroup: Global universal bank with major corporate banking and investment banking operations across Asia; co-lender with ICBC in ADNOC Hail & Ghasha $11bn syndication. Competes in cross-border M&A advisory, USD bond underwriting, and serving multinational corporates operating in China.
• BNP Paribas: European universal bank competing with ICBC in syndicated lending, bond underwriting, and trade finance globally. Overlapping presence in commodity finance, energy project finance, and European corporate banking relationships that intersect with Chinese outbound investment flows.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries4 records

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments53 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Industrial and Commercial Bank of China