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Deposit-taking
Current Deposits
Corporate current deposits are deposits that can be made and withdrawn at any time, with interest calculated on interest settlement terms. They are mainly transacted through cash or transfer, characterized by a variable term and easy deposit and withdrawals.
Term Deposits
Term Deposits (excluding 11 AM deposits) are deposits the terms and interest rate of which are agreed by both the bank and depositor prior to the deposit being made. The depositor can withdraw principal plus interest upon a due date. Term Deposit accounts may be used for settlement and cash withdrawals at fixed dates. For unscheduled needs, customers may apply for advance drawings or partial advance drawings.
Lending
Working Capital Loans
Working Capital Loans are granted to borrowers to meet their current operating funding requirements against the borrower's future overall income and operating cash flows.
Overdrafts
Corporate Account Overdrafts are short-term financings which allow borrowers to directly obtain credit within approved overdraft limits in the event of temporary funds shortfall in their settlement account.. Customer overdraft limits are established and approved at the bank’s sole discretion
Project Loans
Project loans are issued by ICBC to borrowers for the expansion, reconstruction, development and acquisition of fixed asset investment projects.
Construction Loans
Construction or Project Development Loans are granted by ICBC to borrowers for construction purposes including residential property.
Syndicated Loans
Syndicated loans are provided jointly by several participating banks to a single borrower or borrower group.
International Settlement & Trade Finance
International Settlement
Remittances, Collections
Letters of Credit (L/Cs)
L/C opening
L/C advising
L/C confirmation
Import Documentary Bills
When a company needs to pay foreign exchange to its foreign supplier under the L/C or collection terms, ICBC offers import documentary collection services to meet the company’s liquidity needs. ICBC can make payment to the overseas exporter and receive the shipping documents for the importing company to start processing or sales.
Bill of Lading Endorsement
When the L/C, opened through ICBC, states that all shipping documents are in favor of ICBC, ICBC has to endorse the originals before the goods are collected. Customers may therefore present the original shipping documents to ICBC, for ICBC to add its endorsement so that the customer may proceed to take charge of the goods.
Shipping Guarantees
The use of this guarantee can avoid high demurrage charges or price fluctuations in situations when imported goods under ICBC’s L/C have arrived at the point of destination before the shipping documents. ICBC can provide the guarantee for customers to take delivery of goods before the arrival of the original bills of lading.
Packing loans（pre-shipment finance）
Packing loans is a financing facility extended to customers to cover the cost of goods, material, production and shipment prior to the export of goods under the L/C received from the overseas importer. After shipment, the documents are presented to ICBC for negotiation against the L/C and the packing loan is repaid once payment of goods is received from overseas.
Outward Documentary Loan/Discounting
Outward L/C Documentary Loans: After the customer submits all documents against Demand or Time L/C, ICBC can, with the full set of documents against the L/C provided by the customer as a mortgage, provide the customer with outward L/C documentary loans for financing prior to receipt of payment of goods form the Issuing bank.
Outward L/C Discounting: Upon the customer presenting all the documents against a usance L/C and the receipt of a commitment of payment from the Issuing Bank, ICBC can provide the customer outward L/C discounting financing before the customer receives payment of goods from the issuing Bank.
Export Documentary Collection: After the customer presenting all the documents against export documentary collection, ICBC can grant a financing facility to the customer before receipt of payment of goods from the importer, using the export bills of exchange (including demand bills and time bills not accepted) as the pledge.
Export Collection Discounting: Upon the customer presenting all the documents against usance export documentary collection and a commitment from the importer to accept the time draft, ICBC can grant a financing facility to the customer before receipt of payment of goods from the importer.
Factoring
ICBC Import Factoring can increase the customer’s credibility to the exporter when it chooses to settle the import by credit sale or documents against acceptance. Upon request, ICBC can accept the account receivables transferred from the exporter as a credit guarantee or account management service for the customer.
Guarantees
Payment Guarantees
Payment Guarantee is a written guarantee issued to the exporter by ICBC. ICBC undertakes to pay the amount specified in the guarantee to the exporter in the event that the customer is unable to perform the payment obligation under the contract signed with the exporter.
Advance Payment Guarantees
This is a written commitment issued by ICBC to the importer or owner, upon request by the exporter or contractor. If the customer is unable to fulfill the principal contract, ICBC as guaranteeing Bank returns or pays in advance the amount owing, or the advance payment on the part of the contract not yet performed., upon receipt of a claim from the importer or owner.
Bid Guarantees
This is a written guarantee issued by ICBC to tender, upon request by the bidder (applicant for the guarantee). ICBC can indemnify the loss of tender or the amount covered by the guarantee in the event that the bidder withdraws the bid during the tender, or fails to enter the contract and to pay performance security after the receipt of the notification of tender award.
Performance Guarantees
This is a written guarantee issued by ICBC to the beneficiary, upon request by the applicant. ICBC can undertake to pay to the beneficiary the amount specified in the guarantee in the event of the applicant being unable to fulfill the obligation of the contract signed with the beneficiary.
Quality/Maintenance Guarantees
This is a written guarantee issued by ICBC to the beneficiary, upon request by the applicant. ICBC can undertake to pay to beneficiary the amount specified in the guarantee if the applicant is unable to fulfill the obligation of the contract signed with the beneficiary.
Remittances
Remittances
Remittance is a way of settlement in which the remitting party entrusts ICBC to transfer funds to the receiving party, in any of the following three forms:
1. Telegraphic Transfer or T/T: a remittance method in which the remitting party instructs ICBC (the remitting bank) to pay the remittance to the receiving party through telegraphic or SWIFT based on the application by remitting party. Features are: speed, security, convenience and high cost; generally applied to remittances involving large sums or urgency.
2. Mail Transfer or M/T: a remittance method in which ICBC (the remitting bank), based on the application by the remitting party,, sends the mail transfer trust deed to the receiving bank through post office or express courier, and authorizes the receiving bank to pay the remittance to the receiving party. Features are: low cost, slow delivery..
3. Banker's Demand Draft or D/D: a remittance method in which, upon the application of remitting party, ICBC (the remitting bank) issues the demand draft to its overseas branch or collecting bank as the paying bank, and gives the draft to the remitting party to send or withdraw the remittance under the draft. Features are flexibility and simplicity, risk of loss or damage to the draft; applicable for mail order or payment for all kinds of expenses. |