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Monday, February 13, 2017

KTFA UPDATE, 13 FEB


KTFA:

RE: Frank26 Sunday Night Video  
 
Molson88:  Frank asked us to study: ICBC Bank (Industrial and Commercial Bank of China Limited)

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1、WHO WE ARE

Your Global Partner, Your Reliable Bank

Industrial and Commercial Bank of China Limited (“ICBC”), listed on both SSE and SEHK, is the largest bank in the world by total assets[ SNL data, as of 2014.]. It has its presence in six continents, and its overseas network has expanded to more than 40 countries and regions. For several times, ICBC was ranked in the first place of the largest public enterprise in the world among the Global 2000 listed by the US magazine Forbes.

The Industrial and Commercial Bank of China (USA) NA (“ICBC USA” or the “Bank”) is the U.S. subsidiary of ICBC with ICBC as the Controlling Shareholder owning 80% shares, East Asia Holding Company, Inc. owning the other 20%. ICBC USA is a national bank chartered by the Office of the Comptroller of the Currency. It operates thirteen branches in New York and California, with three in New York, five in San Francisco Bay area in northern California and five in greater Los Angeles area in southern California.

In the United States, including the Bank ICBC has four institutions providing a full suite financial services to consumer, business, and financial institution customers. ICBC NYBR engages in wholesale deposit-taking, lending, and other banking services primarily for business clients.

The branch also serves as the U.S. dollar clearing center for ICBC. ICBC FS provides primarily fixed-income securities clearing and financing services to institutional clients. In 2015, ICBC purchased 60% controlling interest in Standard Bank Plc and formed ICBC Standard New York, which provides trading service of securities, commodities, and foreign exchange.

2. THE MISSION OF ICBC USA

To Support Local Economic Development

To Create Value for Sino-US Cross-Border Customers

To Promote USD – RMB Exchange

ICBC USA has the mission of promoting the ICBC brand in USA to the image of a global leading bank with the best profitability, performance and prestige. Its goal is to establish itself as a profitable bank focusing on the cross-border niche market between US and China. It aims to do so with its expertise, service capabilities, and an effective branch network in major urban centers. ICBC USA also makes effort to support local community development through offering credits, education and donations to local retail business, households and organizations following Community Reinvestment Act.

With strong management capability and leading technology, ICBC USA will be actively engaged in providing services to consumer, business and institution customers in the areas of deposit taking, lending, remittances, and settlement. As the extension of ICBC Global service network into U.S. market, the Bank will dedicate to become a new bridge for Sino-US trade and economic development and a new platform for bilateral financial exchanges and cooperation.  Link

Frank26:  BRAVO !!! !!! !!! 
 
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JodysAngel:  So did anyone figure out what happened to the site?  I finally got to see the video after 11:00 pm  

Frank26:  Web Master said there were over 3000 members trying to get on all at once ................ Then we go BOOM…lol

MarknLinda:  Hi Frank! We just looked up ICBC and saw it is also strangely located inside Trump Towers among other areas of the world and in the Middle East...As of June 2015 it is Valued over 3.6 Trillion dollars...It is the largest bank in the world by total assets...and one of the largest by market capitalization...  WOW!!

Frank26:  That's MY Student ......... Well done You two ........ Very well done indeed.....


StephenMac:  It seems ICBC is also the provider to the IMF for when loans to countries are given.

Agreement With IMF Monitoring Will Help Iraq to Overcome Financial Crisis: Official

Iraqi Finance Minister Hoshyar Zebari said that the agreement with International Monetary Fund (IMF) to monitor Baghdad economic policies will help Iraq to overcome the financial crisis by improving the performance of the country's monetary institutions, Iraqi official television reported on Wednesday.

"The agreement with IMF is to improve the fiscal and monetary performance in order to stabilize the monetary situation in Iraq. This is a positive program which will help Iraq to overcome the (financial) crisis," the state-run Iraqiya channel quoted Zebari as saying.
Zebari's comment came after his ministry agreed with IMF on a memorandum of understanding on Tuesday evening in Amman, the capital of neighboring Jordan, which allows IMF to monitor the Iraqi economic policies in accordance with Staff-Monitored Program (SMP) for the remaining period of 2015 and 2016.

A statement issued by the Finance Ministry statement after the agreement said "the program aims to assist Iraq in reforming its foreign exchange policy, financial management and banking supervision."

"The procedures that have been agreed upon aimed at implementing standards to maintain the stability of the financial sector," the statement said, adding that the agreement is an important step that would "strengthen Iraq's international status in the global financial markets" and paves the way for Iraq to obtain loans from international financial institutions and states.

The agreement with IMF came after 10 days of talks between the two sides, and Iraq was represented by experts from finance, oil and planning ministries in addition to the governor of the Central Bank of Iraq, it added.

On Oct. 18, the Iraqi cabinet approved the budget proposal for 2016 with total expenditure of 106 trillion Iraqi Dinar (about 87 billion U.S. dollars), with deficit of 23 trillion Iraqi Dinar (18.852 billion U.S. dollars).

As the crude oil price sharply decreased during the past few years, the government was obliged to design the 2016 draft budget in the light of the de facto situations and proposed reduction on public expenditure.

Observers see that the latest agreement with IMF is part of comprehensive reform plan pledged earlier by Iraqi Prime Minister Haider al-Abadi to combat corruption and mismanagement in all government institutions and economic policies.

Such failure pushed angry Iraqis in Baghdad and several other cities in the south to protest against slack public services, power shortage and massive corruption.

http://www.icbkus.com/icbc/investment/securities/AgreementWithIMFMonitoringWillHelpIraqtoOvercomeFinancialCrisisOfficial.htm

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