ICBC Industrial and Commercial Bank of China Industrial and Commercial Bank of China

Business in Russia

Main article: Foreign banks in Russia

2023: Continued asset growth in Russia

Assets of Chinese banks in Russia

2022: Growth of assets 2.3 times to 214.7 billion rubles amid conflict in Ukraine and US sanctions against Russia

In 2022, the assets of iCsBiSi Bank grew 2.3 times and reached 214.7 billion rubles as of December 31. The profit of iCS Bank for the year increased almost 17 times and amounted to 13.3 billion rubles against 793.5 million rubles earned by the credit institution in 2021.

2016: Obtaining a license to attract deposits of individuals

On November 17, 2016, the Bank of Russia issued a license to iCsBiSi Bank (JSC) to attract funds from individuals in rubles and foreign currency. As noted in the regulator's message, this is connected "with the expansion of the activities" of the credit institution.

Earlier, the Russian division of the Industrial China and Commercial Bank of China (ICBC) had a license to conduct banking operations with funds in rubles and foreign currency without the right to attract funds from individuals.

History

2023

Ransomware virus attack on US unit. Bidding halted

On November 9, 2023, the US division of the Industrial and Trade Bank of China (ICBC) was subjected to a powerful cyberattack using a ransomware program. As a result of the invasion, trading in US Treasuries was disrupted.

The attack affected the operation of a number of ICBC information systems, while the head office in Beijing was not damaged. Cybersecurity specialists of a financial institution promptly isolated the affected resources, thereby avoiding a massive failure. Nevertheless, certain operations had to be stopped. As of mid-November 2023, the ICBC does not disclose who may be behind the attack, but says it is "conducting a thorough investigation into the incident." Financial market participants and regulators have been informed about the hacker invasion. Experts note that the attack on ICBC could affect the bank's ability to conduct transactions.

The US division of the Industrial and Trade Bank of China (ICBC) was subjected to a powerful cyber attack

We are aware of the cybersecurity issue and are in constant contact with key financial sector actors as well as federal regulators. We continue to monitor the situation, the US Treasury Department said.

According to some reports, behind the organization of the attack on ICBC is the Lockbit cyber group. This malware is used in targeted attacks against large enterprises and other organizations around the world. Having penetrated the victim's network, the malware encrypts all data on infected devices. After that, Lockbit operators demand a ransom for restoring access to the encoded information. At the same time, the Lockbit group itself did not take responsibility for the attack on ICBC by mid-November 2023.

We don't often see such a large bank subject to such a devastating ransomware attack, "said Allan Liska, an expert at cybersecurity firm Recorded Future.[1]

The second largest bank in the world

The largest banks in the world by capitalization for June 2023

2021: Company# 6 by Global Net Profit

Net profit for 2021 in billions of dollars of eight leading public companies in the world. Data: Forbes Global 2000, Source: Statista

Notes