Industrial and Commercial Bank of China (Canada)

What Industrial and Commercial Bank of China (Canada) does

Industrial and Commercial Bank of China (Canada) (ICBK) is a Canadian chartered bank headquartered in Toronto, operating seven branches across four provinces with a strategic footprint anchored in Canada's major Chinese-Canadian population centres. The bank is 80% owned by Industrial and Commercial Bank of China (ICBC), the world's largest bank by assets, with Bank of East Asia retaining 20%, and was rebranded from The Bank of East Asia (Canada) in 2010. Its core differentiator is multi-currency banking across CAD, USD, and CNY paired with cross-border financial services between Canada and China, including designation as the People's Bank of China first RMB Clearing Bank in North America and the first Canadian bank providing 7x24 CNH real-time pricing.

The bank's product architecture covers retail banking (Easy Account, Basic Chequing, mortgages, personal loans, car loans, RRSP loans, GICs, TFSAs, RRSPs), card products (Global Debit Card with CAD/RMB dual currency, Dual Currency Credit Card with UnionPay), and corporate banking (Business Current Account, Business Smart Savings, commercial financing including syndicated loans and project finance, cash management, trade finance, M&A advisory). Digital channels comprise online banking, a mobile app for iOS/Android with QR code payments, mobile cheque deposit, biometric authentication, and 24/7 telephone banking with toll-free access from China, Hong Kong, Macau, Amsterdam, and Singapore. Cross-border services include RMB Easy Transfer (pre-settlement remittance with locked exchange rates), SWIFT-based global remittance, RMB term deposits, and a Student GIC Program for international students requiring Study Permit proof of funds, processed through ICBC China branches.

ICBK generates revenue primarily through interest income from loans, mortgages, and deposits; transaction fees on banking services, wire transfers, and foreign exchange; credit card and debit card interchange; and trade finance/documentary credit fees. The bank's regulatory perimeter includes CDIC membership (deposits insured to CAD $100,000), FCAC low-cost account compliance, PIPEDA, FATCA, CRS, and Basel III Pillar 3 disclosures. Distribution relies on the seven-branch physical network, Exchange Network ATMs (3,000+ surcharge-free in Canada), UnionPay International (180+ countries), and referral traffic from ICBC China's 14.43 million corporate and 770 million personal customer base globally.

Name

Industrial and Commercial Bank of China (Canada)

Legal name

Industrial and Commercial Bank of China (Canada)

Website

https://icbk.ca

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Industrial and Commercial Bank of China (Canada) is a Toronto-headquartered Canadian chartered bank operating seven branches, offering multi-currency retail and corporate banking (CAD, USD, CNY), cross-border Canada-China financial services, and RMB clearing as a subsidiary of ICBC.

Ownership category

akta.pro rank

Product category

Commercial and Retail Banking

NAICS

Commercial Banking (52211)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Remittances & Retail FX (Consumer Cross-Border) (FSABAAAK)

akta.pro secondary industry

Cross-Border Card-Based Transfers & Multi-Currency Cards (FSAGAKAE)

Keywords

• Retail banking services
• Commercial banking
• Foreign exchange services
• Cross-border remittance
• Trade finance

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Traditional banking interest income from loans, mortgages, and credit facilities. The bank offers various lending products including home mortgages, car loans, term loans, and commercial financing.
2. Banking Fees and Commissions: Service charges for account maintenance, transactions, wire transfers, foreign exchange, and other banking services. Schedule of charges applies to personal and business accounts.
3. Credit Card Services: Revenue from UnionPay Dual Currency Credit Cards including annual fees and transaction processing.
4. Trade Finance and Documentary Credits: Fees from letters of credit, collection services, and trade-related financial services for corporate customers engaged in international trade.

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels5 records

Core offering

ICBC (Canada) is a Canadian chartered bank that provides deposit products, payment cards, mortgage and personal lending, and cross-border remittance and foreign exchange services to retail customers, alongside business current accounts, cash management, commercial financing, Sino-Canada advisory, and M&A consulting services to corporate clients. It specializes in Canada-China cross-border banking through bilingual service and integration with the ICBC group's China franchise.

Product overview

Industrial and Commercial Bank of China (Canada) operates as a Canadian chartered bank offering a comprehensive suite of retail and corporate banking products. The product portfolio centers on multi-currency banking with particular strength in CAD, USD, and RMB services. Retail offerings include the Easy Account (multi-currency chequing/savings with tiered interest rates), Basic Chequing Account (FCAC-compliant low-cost account), Premium Chequing Account, and Other Currencies Accounts. The bank provides various card products including Global Debit Card (CAD/RMB dual currency), Dual Currency Credit Card (UnionPay with cash back), and discontinued CUP Prepaid Card. Payment innovations include QR Code Payment for mobile transactions. Lending products span mortgages (fixed and variable rates, up to 30-year amortization), personal loans (term loans, car loans, RRSP loans, lines of credit, overdraft protection), and commercial financing (syndication loans, project financing, asset-based financing, bridge financing, construction loans). Savings solutions include CAD/USD/RMB Term Deposits with various terms, Tax-Free Savings Accounts (TFSA), and Registered Retirement Savings Plans (RRSP). Cross-border services are a key differentiator, featuring RMB Easy Transfer (pre-settlement remittance with locked rates), RMB Cross-border Remittance, Global Remittance via SWIFT, Student GIC Program for international students, and comprehensive Foreign Exchange services with 24/7 CNH pricing. Corporate services include Business Current Account, Business Smart Savings Account, Cash Management Online (fund transfers, wire payments, payroll), Managing Payables/Receivables, Foreign Exchange (spot and forward contracts), Sino-Canada Financial Services (letters of credit, trade finance), and Financing/M&A Consulting. Digital channels comprise Online Banking, Mobile Banking (iOS/Android), Telephone Banking (24/7), and ICBK Messenger for account notifications. The bank's 7-branch network covers GTA (Ontario), Richmond (BC), Calgary (Alberta), and Montreal (Quebec).

Differentiator

Problem solved

Functional benefit

Products and services

• Easy Account A no-monthly-fee personal chequing-like account for retail customers that meets requirements to waive the monthly fee; it is the entry-level daily banking product.
• Basic Chequing Account A standard personal chequing account with a "Free" tier where the monthly fee is waived if requirements are met, and a regular tier; intended for everyday retail banking.
• Premium Chequing Account A premium personal chequing account offering an interest-bearing CAD account feature; no longer available to new customers but existing customers may continue using it.
• Other Currencies Account A multi-currency account letting retail customers hold CAD, USD, and CNY balances in one account; designed for customers transacting in multiple currencies including RMB.
• Global Debit Card A retail debit card that works domestically via Interac and internationally via the Cirrus network, usable at ATMs and online for personal banking customers.
• Dual Currency Credit Card A retail credit card that posts transactions in CAD or CNY depending on merchant currency, with RMB-denominated features targeted at cross-border spending in China.
• CUP Prepaid Card A UnionPay-branded prepaid card issued in CAD with no monthly fee; no longer offered to new customers but existing cardholders may continue using it.
• QR Code Payment A retail payment feature that lets customers scan QR codes at participating merchants through ICBC (Canada) Mobile Banking to make purchases.
• Mortgage Products Residential mortgage lending for personal customers, including fixed-rate closed mortgages, with interest rates subject to change by the bank at any time.
• Personal Loan Products Personal lending product offering unsecured instalment loans for retail customers, with promotional or fixed interest rates and no-collateral terms.
• CAD Term Deposit A Canadian-dollar fixed-term deposit for personal customers, paying promotional variable interest rates that may be changed by the bank at any time.
• USD Term Deposit A U.S.-dollar fixed-term deposit for personal customers, paying promotional variable interest rates that may be changed by the bank at any time.
• RMB Premium Term Deposit An RMB-denominated fixed-term deposit paying promotional variable interest rates for retail customers, supporting Chinese-currency savings in Canada.
• Guaranteed Investment Certificates (GICs) Retail Guaranteed Investment Certificates offering principal-protected fixed-term savings for personal customers, with promotional variable rates.
• Tax-Free Savings Account (TFSA) A CAD-denominated Tax-Free Savings Account (TFSA) for Canadian residents, paying promotional variable interest rates that may be changed at any time.
• Registered Retirement Savings Plan (RRSP) A CAD-denominated RRSP deposit for Canadian residents, paying promotional variable interest rates that may be changed at any time.
• Remittance Services A cross-border personal remittance service that lets retail customers send money from Canada to China through ICBC group channels, accessed via Online Banking with a multi-step transaction flow.
• RMB Easy Transfer A retail RMB remittance feature that sends RMB directly from an ICBC (Canada) account to a beneficiary's ICBC account in mainland China via Online Banking.
• Foreign Exchange Services A retail foreign exchange service providing indicative exchange rate information and a currency calculator, with rates shown subject to change.
• Student GIC Program A Student Guaranteed Investment Certificate program that supports Canadian study permit applications through a partner Canadian Schedule I bank, requiring an investment in Canadian dollars.
• Business Smart Savings Account An interest-bearing CAD business savings account for corporate clients, paying promotional variable interest rates that may be changed by the bank at any time.
• Business Current Account A CAD business current (chequing) account for day-to-day corporate banking, enabling EFT transactions and direct debits, with charges per the bank's Schedule of Banking Fees.
• Cash Management Online An online corporate cash management platform accessible via Online Banking, providing payables, receivables, and cash flow and information reporting for business customers.
• Managing Payables Services Corporate payables services that help business customers efficiently manage outgoing payments, delivered within the Cash Management Online platform.
• Managing Receivables Services Corporate receivables services that help business customers efficiently receive incoming payments, delivered within the Cash Management Online platform.
• Managing Cash Flow and Information A corporate cash flow and information service providing business customers with reporting and visibility into their accounts and transactions through Cash Management Online.
• Commercial Financing Products Commercial financing solutions for corporate customers covering working capital, term lending, and trade-related products supporting business operations and growth.
• Sino-Canada Financial Services A dedicated advisory service for corporate clients engaged in cross-border business between Canada and China, leveraging the bank's positioning within the ICBC group.
• Financing and M&A Consulting Services A consulting service for corporate customers providing financing and merger & acquisition advisory support for transactions with a Canada-China dimension.
• QR Code Payment Service An in-app payment service that lets retail customers scan merchant QR codes at participating merchants to complete purchases through Mobile Banking.
• Online Banking A web-based retail banking channel enabling personal customers to perform balance inquiries, fund transfers, bill payments, and other transactions online.
• Mobile Banking A smartphone-based mobile banking application for retail customers to perform account inquiries and transactions on the go.
• Telephone Banking A 24/7 automated telephone banking service allowing retail customers to perform banking inquiries and transactions over the phone.
• ICBK Messenger An online chat-based customer service channel accessible from the personal banking pages on the bank's website.
• Personal RMB Pre-Settlement FX Service A retail foreign exchange service that pre-purchases RMB for customers intending to remit to China, locking in a booked RMB amount and rate in advance of the remittance.
• Interac e-Transfer (EFT) A retail Interac email money transfer service enabling personal customers to send CAD to other Canadian parties via Online Banking.

Quantifiable outcome

• Funds arrive within 24 hours when beneficiary bank is within ICBC Bank Group
• +1 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• UnionPay InternationalcoreTechnology or IntegrationPartnership enabling global card acceptance across 180+ countries and regions. UnionPay QR Code Payment terminals available at over 5000 merchants in Canada alone, enabling ICBK customers to use QR code payments globally.
• Exchange NetworkcoreTechnology or IntegrationPartnership providing ICBK customers access to over 3,000 ATMs across Canada without surcharges. Includes HSBC, National Bank, and other major Canadian financial institutions.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Bank of East Asia (Canada): Predecessor entity to ICBK (rebranded in 2010) and still the 20% minority shareholder. Comparable as a Hong Kong-rooted bank focusing on the Chinese-Canadian and SME cross-border segment in Canada.
• HSBC Bank Canada: Canadian subsidiary of HSBC with deep cross-border banking, multi-currency accounts, and global trade finance services. Comparable as another foreign-bank subsidiary focused on international and cross-border flows for Canadian customers.
• Bank of China (Canada): Canadian subsidiary of another major Chinese state-owned bank, offering retail and corporate banking with cross-border China services and RMB capabilities. Most directly comparable peer to ICBK in mandate, customer base, and product set.

Broad incumbents

• Citibank Canada: Foreign-bank subsidiary of Citigroup serving affluent retail, corporate, and trade finance customers in Canada with global connectivity. Comparable in cross-border capabilities and as a foreign-bank subsidiary competing in the same premium and trade segments.
• Bank of Montreal (BMO): Major Canadian bank with commercial banking and trade finance offerings. Comparable as an incumbent competing for the same corporate and trade-finance wallet in Canada.
• Canadian Imperial Bank of Commerce (CIBC): One of Canada's Big 5 banks with retail, commercial, and wealth capabilities across Canada. Comparable as a competitor for retail deposits, mortgages, and commercial banking including in the Chinese-Canadian segment.
• Toronto-Dominion Bank (TD): Major Canadian retail and commercial bank, including strong newcomer and immigrant customer initiatives. Comparable as a large incumbent competing for newcomer banking customers that overlap with ICBK's Chinese-Canadian segment.
• Scotiabank: One of Canada's Big 5 with strong international presence, particularly in Latin America and Asia-Pacific. Comparable as a competitor for trade finance, foreign-currency deposits, and newcomer banking relationships.
• Royal Bank of Canada (RBC): Largest Canadian bank with comprehensive retail, commercial, and cross-border capabilities. Comparable as a dominant incumbent competing for the same retail and corporate deposits and lending relationships targeted by ICBK.

Others

• Industrial and Commercial Bank of China (ICBC, parent): World's largest bank by assets and 80% owner of ICBK. Comparable as the parent providing network, capital and product support; relevant for understanding ICBK's strategic positioning and limits of autonomy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/industrial-and-commercial-bank-of-china-canada-

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Industrial and Commercial Bank of China (Canada)