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China : ICBC Innovates Financial Services to Cut Charges.

To meet the State Council's policy requirements for finance to serve the real economy, ICBC has accelerated service innovation, reduced service costs, standardized service fees, so as to benefit enterprises and customers.

First, ICBC has expanded the free business scope for small and micro enterprises and exempted fees, including small and micro enterprise loan commitment fee, legal person account overdraft commitment fee, commitment credit line fee, revolving loan commitment fee, bank acceptance bill commitment fee, commission charge of issuing letter of intent for loan, commission charge of issuing letter of commitment for loan, commission charge of issuing letter of guarantee of various kinds, fund management fee, perennial financial consultant fee, and high-end financial consultant fee.

Second, the Bank has stepped up efforts in fee reduction and exemption for various customers including small and micro enterprises, abolished charge items such as corporate account balance management, cross-border inquiry, agency mortgage registration, other cash management service, agency sales of compulsory insurance for traffic accident of motor-driven vehicle, and transfer from corporate account to personal account, lowered commission charge of transfer and withdrawal of accounts within the Bank in different regions via all channels, and reduced commission charge of inter-bank transfer via channels except for the counter channel, (including self-service device, Internet banking, telephone banking, mobile banking, SMS banking, and telephone transfer POS).

It has also revised down the charging standard for domestic and foreign currency financing letter of guarantee and non-financing letter of guarantee. Third, ICBC has provided each customer including enterprises with an account free of account management fee (including small account management fee) and annual fee. In addition, ICBC also reiterates that it will continue to bear all mortgage registration fees.

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Publication:Mena Report
Date:Aug 26, 2014
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