ICBC Qinghai Sets up People’s Armed Forces Department

The Industrial and Commercial Bank of China Ltd. (ICBC), China’s largest lender by assets, becomes the first major financial institution in the country to set up a corporate militia unit.

The provincial branch of ICBC in Qinghai, northwest China, recently held the ceremony to inaugurate the People’s Armed Forces Department, according to local media reports. The department, the first established by a central government-owned enterprise in Qinghai, will “serve in peacetime, respond to emergencies and engage in combat during wartime.”