Caixin
Nov 17, 2021 04:19 PM
FINANCE

Fed Orders China’s ICBC to Fix Risk-Management Deficiencies

The Industrial & Commercial Bank Of China Ltd. (ICBC) in Hong Kong. Photo: Bloomberg
The Industrial & Commercial Bank Of China Ltd. (ICBC) in Hong Kong. Photo: Bloomberg

(Bloomberg) — Industrial and Commercial Bank of China Ltd. must fix risk-management deficiencies at its New York branch that were identified by the Federal Reserve, according to a Tuesday statement.

The world’s biggest bank by assets agreed to the U.S. central bank’s demands and will submit written plans to the Fed, according to an agreement between the lender and the regulator. The problems were revealed during recent examinations conducted by the Federal Reserve Bank of New York on the Chinese bank’s U.S. operations. The sanctions don’t trigger a fine.

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