The Industrial and Commercial Bank of China (ICBC) announced Tuesday that the central bank has officially ratified the ICBC to handle factoring business for qualified domestic industrial and commercial enterprises.
An ICBC spokesman said this was the first time that a state-owned commercial bank had been allowed to handle factoring.
The spokesman said that the ICBC had already factored on a trial basis for large companies in the telecommunications industry. The result showed that factoring was not only beneficial for corporate financing, but also conducive to banks' boosting asset quality and income growth.
Source: WorldSources, Inc.
