Industrial and Commercial Bank of China (ICBC)
"ICBC supramax stuck in Iran as sanctions loom - Officials of giant Chinese bank’s shipping department work to secure the release of detained vessel and avoid possible exposure to US measures." (Tradewinds, "ICBC supramax stuck in Iran as sanctions loom," 10/30/2018).
--
Last month, Iranian media had reported about similar restrictions by Chinese major banks including Agriculture Bank of China and Industrial and Commercial Bank of China (ICBC). However, based on a report by Mehr News Agency, the measures by Chinese banks had nothing to do with the U.S. sanctions. (Radio Farda, "Chinese and Asian Banks Curtailed Ties to Iran - Iranian Official," 11/16/2017).
--
Subsidiary of Central Hujin Investment.
--
Officials from the Industrial and Commercial Bank of China, the world’s largest bank by total assets and market capitalization, has held talks with the Central Bank of Iran in recent weeks to discuss the procedure of starting operations in Iran, a CBI official said on Friday. “ICBC is earnestly pursuing plans to enter Iran…We are waiting for the Chinese bank to submit the documents…even the location for the bank's presence has been decided ,” Hussein Yaqoubi, CBI deputy for international affairs was quoted as saying by IBENA, a news website close to the bank. “The Chinese bank’s presence in Iran will be a major step in reviving [Iran's] banking creditably at the international level,” he said. (Financial Tribune, "Banking Giant ICBC Seeking Iran Access," 12/3/2016
Receive Iran News in Your Inbox.
Eye on Iran is a news summary from United Against Nuclear Iran (UANI), a section 501(c)(3) organization. Eye on Iran is available to subscribers on a daily basis or weekly basis.