ICBC Established Correspondent Relationship with Changshu Rural Commercial Bank

Recently, ICBC established correspondent relationship with Changshu Rural Commercial Bank. Until now, ICBC has established a formal correspondent relationship with 40 domestic banking institutions including 3 policy-related banks, 3 state-owned commercial banks, 11 joint-stock banks, 17 city commercial banks, 2 rural commercial bank, 1 rural cooperative bank and 3 rural credit cooperatives.

Changshu Rural Commercial Bank is one of the three joint-stock rural commercial banks that firstly structured from Rural Credit Cooperatives in the China Rural Credit Cooperative reform. By the end of 2004, the total assets of Changshu Rural Commercial Bank is RMB 19.7 billion, total liability is RMB 18.8 billion and net profit is RMB 176 million.