INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD is an industrial and commercial bank of China and a multinational Chinese banking company. It was established on 1 January 1984 as a limited company.
ICBC is a state-owned commercial bank. It is considered a systemically important bank by the Financial Stability Board.
China’s mono-banking system since 1948 was the People’s Bank of China, which provided both policy lending and operations to the commercial sector. Banking reform was initiated by the Chinese government during 1978 to 1979, expressing a desire to have a central bank with four state-owned specialization banks, one of which was the ICBC.
A two-tier banking system was created during 1979-1985.]
Right from a contradiction within the economic functioning of the Chinese government during 1984–2005, the State Council of the People’s Republic, the State Council of China, decided during September 1983 to separate some of the government’s activities into an exclusively governed organisation. . , which was later renamed the Industrial and Commercial Bank of China.