Top ICBC Competitors & Similar Companies
Established in January 1984, the Industrial and Commercial Bank of China has its headquarters in Beijing, China. Over the years, to accommodate modern day organizational laws, ICBC bank restructured to being a joint stock limited company. Ahead of this, the bank reached greater financial heights with net incomes of USD 30 Billion, these led to the bank being listed at the Shanghai Stock Exchange and The Stock Exchange of Hong Kong.
In any business, there are several companies & brands which compete with each other by offering similar products & services.
For any company to thrive, it is not only important for them to improve their own products, but to also look at what their competitor is offering.
Quick Glance:
Below we look at the top 8 competitors of ICBC.
1. Agricultural Bank of China:
Agricultural Bank of China Limited (also known as AgBank) was founded in 1951, and has its headquarters in Dongcheng district, Beijing. It is one of the “Big Four” banks of China and is committed to build an integrated and multi-functional modern financial service group and has more than 20,000 branches, 2 million corporate clients, and 300 million retail customers. Agricultural Bank of China provides a range of corporate and retail banking products and services for a broad range of customers and conducts treasury operations, fund management, investment banking, life insurance and asset management.
2. Bank of China:
Bank of China is amongst the top five state owned banks of China. As a replacement to the Imperial Bank of China, in 1912, it was founded by the Republican Govt in mainland China. On behalf of the Chinese government, it issued banknotes along with the other major 4 banks of China including Farmer’s Bank of China, Central bank of Republic of China, Bank of Communications.
3. China Construction Bank:
China has four major banks one of which is China Construction Bank which is headquartered in Beijing. Owing to a market capitalization of more than US$170 billion, China Construction Bank was ranked the among the largest bank in the world. They have numerous branches in China and abroad.
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4. Santander:
The Santander Group is a Boston based Spanish banking group with its principal market is in the North-eastern US. Santander operates more than 700 retail banking offices and over 2,000 ATMs employing close to 9,000 people offering an array of financial services and products. It offers services like retail banking, capital markets, corporate banking, mortgages, credit card, trust and wealth management, cash management and insurance.
5. Wells Fargo:
Wells Fargo is one of a handful of U.S. companies dating to the mid-1800s that is still in the same business and operates under the same name. The headquarters building at 420 Montgomery Street in San Francisco stands on the same spot where Wells Fargo first opened for business in 1852.
6. HSBC:
HSBC is a multinational firm which works in the banking sector. HSBC is of British origin and was setup in its present form in the year 1991. The Hongkong and Shanghai Banking Corporation has its main functioning area in Hongkong and a little less work in the Shanghai.
7. Bank of America:
Bank of America is a banking institution and financial services provider around the globe. It was set up as Bank of Italy in 1904 by Amadeu Gianni. It has grown multifold over the las hundred and twelve years to become one of the leading banks in the United States.
8. Standard Chartered:
Standard Chartered is British multinational banking and financial services company. It operates in more than 70 countries across the globe and majority of its profits come from Asia, Africa and The Middle East. It was founded in 1969 an is headquartered in London.
To conclude, the above article highlights the various competitors which compete with ICBC. This understanding helps to evaluate the various external business factors for any company.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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