Industrial Bank China

By: EconomyWatch   Date: 17 July 2010

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Industrial Bank Corporation, Limited or Industrial Bank is a bank operating in People's Republic of China. Principal activities of Industrial Bank include granting short, medium and long term loans to individuals and businesses, as well as trading of government bonds. It is ranked #682 on 2008 Forbes Global 2000 list.
Industrial Bank China is listed in Shanghai Stock Exchange (SSE: 601166). It is headquartered in Fuzhou city, Fujian Province, People's Republic of China.

Brief history
Industrial Bank China was founded on August 26, 1988. This company was renamed on several occasions. First name change occurred on June, 2001 when Industrial Bank renamed itself Fujian Industrial Bank Joint-Stock Corporation Limited. It had another name change on March 3, 2003 when it was named as Industrial Bank Joint-Stock Corporation Limited- its present name. But this bank is commonly referred to as Industrial Bank. This organization was one of first Chinese banks approved by People's Bank of China and State Council.

Products and services
Principal activities of Industrial Bank, China include provision for short-term, medium-term and long-term loans. It also deals in activities like bills acceptance and discounting, deposits taking, trading of government bonds and financial bonds, trading or agency trading of marketable securities excluding stock, bank card business, agency collections and payments, financial consultant services, and credit investigation services.

Other services offered by Industrial Bank China include trading or agency trading of foreign exchange, settlement and sales of foreign currencies, local and international payment and settlement, issuing of financial bonds, asset custody service, inter-bank borrowing and lending, safe-box service and other banking activities approved by China's Banking Regulatory Commission.

Financials
Market capitalization of Industrial Bank was around $14.3 billion in 2007. Net income was about $479 million. Operating revenue was nearly $0.42 billion. Net profit was about $0.96 billion in first half of 2008. Earnings per share in 2008 was nearly $0.28.

Awards and recognition
Industrial Bank received “Business and Human Rights Award” from Business Human Rights in 2007. It was granted “Green Banking Innovation Award” in 2008 by 8 Chinese NGOs for amalgamating sustainable development and social responsibility into its corporate functioning.


Current financial crisis
Industrial Bank suffered minimal adverse financial impact due to 2008 global financial crisis.


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