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ICBC reveals reform plan
By Su Bei (China Daily)
Updated: 2005-04-23 08:46

The Industrial and Commercial Bank of China (ICBC), the country's largest lender, said on Friday it plans to finish its shareholding reform this year and then seek an initial public offering for domestic and overseas markets.

President Jiang Jianqing said the reform should be a thorough reshuffling, which must not fail.

After the reshuffle, ICBC should have a sufficient capital adequacy ratio and a strict internal control system, he said. "Its major business indicators should reach the upper level among international competitors."

"Our aim is to build ICBC into a large modern commercial bank with international competitiveness," he said.

Wang Zhao, a senior researcher with the State Council Development Research Centre, said there is an urgent need for Chinese commercial banks to sharpen their competitive edge, as foreign banks will enter the Chinese market without restrictions before the end of 2006.

"They will have to lower the rate of non-performing loans, get rid of historical financial burdens and raise their capital adequacy to international standards," he said.

The ICBC has yet to release its major business figures for the first quarter. Its non-performing loans stood at 19.1 per cent at the end of last year and its capital adequacy ratio was 5.52 per cent, far below the minimum 8 per cent requirement.

On Thursday, the People's Bank of China, the central bank, said the State will inject US$15 billion to boost ICBC's capital.

Although the bailout is far less than the US$22.5 billion China Construction Bank and Bank of China each got in December 2003, it will help increase ICBC's capital adequacy ratio to 6 per cent.

The international rating agency Standard & Poor's Ratings Services said on Friday that the US$15 billion capital injection represented a further positive step by the Chinese Government to resolve the problems of the country's banking system.

"The injection is likely to form part of a sizable recapitalization package for ICBC, which needs to address its inadequate capitalization and a large shortfall in its loan loss provisions," it said in a statement.

"The action reinforces our belief that the Chinese Government is likely to provide additional support for ICBC in the short term," said Standard & Poor's credit analyst Ryan Tsang.

According to the People's Bank of China, the State will allow ICBC to issue subordinated debt to increase its capital to the minimum 8 per cent required by regulators.

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