Instead of translating the corporate name of its parent institution, Industrial and Commercial Bank of China, Moscow-based Industrial and Commercial Bank of China will use the Russian version of its abbreviation ICBC in its official corporate name. On August 21, 2015 Industrial and Commercial Bank of Cha was officially re-registered as ICBC Bank in the Unified State Register of Legal Entities.
These changes have not yet been reflected on the bank's website and at the Bank of Russia.
The subsidiary of Chinese state-run bank ICBC was registered in Russia in summer 2007. The bank with charter capital of over Rub 2.3 bln and assets worth Rub 51.5 bln is a Top 100 bank in Russia, while its parent bank is No. 1 in China and one of the biggest lenders worldwide.
The core of the Russian bank's clientele is a variety of Russian and Chinese companies which handle trade turnover between the two countries, and, frankly speaking, the bank was established just for this purpose.
The financial institution is not a member of the national deposit insurance system, and households are offered only account-free money transfers. In early summer the Bank of Russia said that ICBC was added to the register of payment system operators as a new payment system operator.
