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ICBC Changes Regulations for Working Capital Loans
The Industrial and Commercial Bank of China (ICBC) announced Wednesday that it has changed the rules for working capital loans, which is one of its efforts to improve the quality of credit assets.
The loans, that are used by clients as working capital, has long played an important role in ICBC's credit business. The 38 percent of the newly increased amount of loans went to the working capital in 2000, the source said.
According to the new regulations, funds for working capital loans will be distributed to ICBC's affiliates nationwide according to the quality of their credit assets, the reliable clients they have and their profit reports. The former two factors will count most, said an ICBC official.
Through this effort, ICBC expected to extend loans to more reliable clients, including State-owned large enterprises with good profits, international company groups, non-government enterprises with adequate strength, quality listed companies and high-tech industries with good potential, he added.
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