China’s Biggest Bank ICBC to Absorb Troubled Lender in State Rescue
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Industrial and Commercial Bank of China Ltd. (ICBC) has received regulatory approval to acquire the business of the troubled Bank of Jinzhou Co. Ltd., marking a decisive step in a state-led bailout of the regional lender.
China’s largest state-owned bank by assets will take over the assets, liabilities, operations, branches and staff of the Liaoning-based city commercial bank, according to a recent announcement on Bank of Jinzhou’s website. Under the acquisition agreement, ICBC will continue to serve Bank of Jinzhou’s customers.
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- ICBC has received regulatory approval to acquire Bank of Jinzhou, taking over its assets, liabilities, staff, and operations.
- Bank of Jinzhou, which had assets of 826.6 billion yuan as of June 2022, struggled since a liquidity crisis in 2019 and was delisted in 2023.
- This move reflects China's ongoing strategy of using major state banks to stabilize smaller, financially troubled lenders.
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Who’s Who
- Industrial and Commercial Bank of China Ltd.
- Industrial and Commercial Bank of China Ltd. (ICBC), as China's largest state-owned bank by assets, has received regulatory approval to acquire the troubled Bank of Jinzhou Co. Ltd. This acquisition involves taking over all assets, liabilities, operations, branches, and staff of Bank of Jinzhou and is part of a state-led bailout. As of June, ICBC had total assets of 52.3 trillion yuan, significantly larger than Bank of Jinzhou's 826.6 billion yuan in mid-2022.
- Bank of Jinzhou Co. Ltd.
- Bank of Jinzhou Co. Ltd. was a troubled regional lender in China that faced severe financial distress since 2019. It was acquired by Industrial and Commercial Bank of China Ltd. (ICBC), a state-led bailout to address its failing status. The bank's issues became public in 2019 when it failed to release its annual report. Despite a restructuring, it struggled, eventually delisting from the Hong Kong stock exchange. As of mid-2022, its total assets were 826.6 billion yuan.
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What Happened When
- 2019：
- Bank of Jinzhou first failed to release its annual report, triggering a liquidity crisis and market concerns. A government-orchestrated restructuring began, with state-owned entities including an ICBC subsidiary acquiring over 56% of the bank’s shares. The bank’s long-time chairman, blamed for its risks, passed away later in the year.
- Mid-2022：
- Bank of Jinzhou last disclosed financial results, reporting total assets of 826.6 billion yuan as of June 2022.
- 2023：
- Bank of Jinzhou suspended trading of its Hong Kong-listed shares.
- 2024：
- Bank of Jinzhou was officially delisted from the Hong Kong stock exchange.
- June 2025：
- ICBC reported total assets of 52.3 trillion yuan as of this month.
- By 2025-10-28：
- ICBC received regulatory approval to acquire and take over the assets, liabilities, operations, branches, and staff of Bank of Jinzhou.
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