ICBC Forecasts Loans to Expand at Slowest Pace in 3 Years
This article is for subscribers only.
Industrial & Commercial Bank of China Ltd., the world’s largest lender by market value, said credit may grow at the slowest pace in three years as Chinese banks heed a government call to restrain loans.
ICBC plans to advance at least 820 billion yuan ($125 billion) of new loans this year, increasing its total outstanding by 13.2 percent, Chairman Jiang Jianqing said in Hong Kong yesterday. That compares with the Beijing-based bank’s 19 percent expansion in 2010 and 25 percent in 2009.