As a young man during China’s Cultural Revolution, Jiang Jianqing was sent to the countryside to work as a farmer and a coal miner. This week, he arrives at the top of a Swiss mountain as chairman of the world’s most- profitable bank and representative of the most-populous nation.
Industrial & Commercial Bank of China Ltd. led the nation’s biggest banks in posting faster- than-estimated second-quarter profit growth by containing bad loans and selling more wealth management products.
Industrial & Commercial Bank of China Ltd. said it will buy Turkey’s Tekstil Bankasi AS as the biggest Chinese lender seeks to counter a credit slowdown at home that led to the weakest profit growth in almost five years.
Industrial & Commercial Bank of China Ltd. Chairman Jiang Jianqing said the lender won’t compensate investors for losses tied to a troubled trust product distributed by the bank, CNBC reported on its website.