Industrial and Commercial Bank of China Ltd. ICBC; simplified Chinese traditional Chinese: pinyin: Zhōngguó Gōngshāng Yínháng, more commonly just Gōngháng is a Chinese multinational banking company, and the largest bank in the world by total assets and by market capitalization. It is one of China's 'Big Four' state-owned commercial banks the other three being the Bank of China, Agricultural Bank of China, and China Construction Bank. It was founded as a limited company on January 1, 1984. As of Mar Generally considered the largest bank in the world by assets; it is the first Chinese bank to achieve such a feat It ranks number 1 in The Banker's Top 1000 World Banks ranking and number 1 on Forbes Global 2000 list of the world's biggest public companies.
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This article or section may be slanted towards recent events. Please try to keep recent events in historical perspective September 2009
ICBC opened a branch in Luxembourg which became the European headquarters of the bank in 2011. ICBC (Europe) S.A. operates a network covering branches in major European cities, namely Paris, Amsterdam, Brussels, Milan, Madrid, Barcelona, Warsaw and Lisbon.
The bank's Hong Kong operations are listed under the name ICBC Asia. It has purchased the Hong Kong subsidiary of Fortis Bank and rebranded it under its own name on 10 October 2005.
In the runup to its planned initial public offering, on 28 April 2006, three "strategic investors" injected US$3.7 billion into ICBC :
Goldman Sachs purchased a 5.75% stake for US$2.6 billion, the largest sum Goldman Sachs has ever invested-
Dresdner Bank (a wholly owned subsidiary of Commerzbank) invested US$1 billion.
American Express invested US$200 million.
World's largest IPO at the time
ICBC Bank in Beijing
The ICBC building in Xi'an
The ICBC building in Shanghai
The ICBC building in Tokyo
ICBC Canada
Torre Madero Office, the actual ICBC building in Buenos Aires
ICBC was simultaneously listed on both the Hong Kong Stock Exchange and Shanghai Stock Exchange on 27 October 2006. It was the world's largest IPO at that time valued at US$21.9 billion, surpassing the previous record US$18.4 billion IPO by Japan's NTT DoCoMo in 1998. In 2010, AgBank broke ICBC's IPO record when it raised $22.1 billion. China's largest commercial bank was also the first company to debut simultaneously on both the Hong Kong and Shanghai stock exchanges.
ICBC raised at least US$14 billion in Hong Kong H-shares and another US$5.1 billion in Shanghai A-shares. Due to heavy subscriptions, the greenshoe (i.e. over-allotment) placements were exercised and ICBC's take rose to US$21.9 billion 17% of ICBC's market value before the IPO, divided in US$16 billion in Hong Kong and US$5.9 billion in Shanghai. Following the global offering, the free float of shares was 22.14% of the market capitalization.
At the end of its first day of trading, the bank's shares closed up almost 15% at HK$3.52 in Hong Kong, compared with the listing price of HK$3.07, which was set at the top of the indicative range due to the strong demand. According to Bloomberg, ICBC's market capitalisation at the end of trade based on its Hong Kong shares was US$156.3 billion, making its equity the world's fifth highest among banks, just behind JPMorgan Chase. Meanwhile, ICBC's Shanghai-listed A-shares recorded more modest gains and ended up 5.1% from the offering price of RMB 3.12......
Air Lease Corporation ALC is an American aircraft leasing company founded in 2010 and headed by Steven Udvar-Házy. Air Lease purchases new commercial aircraft through direct orders from Boeing, Airbus, Embraer and ATR, and leases them to its airline customers worldwide through specialized aircraft leasing and financing.
As of the end of 2014, Air Lease reported that it owns 213 Airbus, Boeing, Embraer, and ATR aircraft, which it leases to over 80 airlines across 47 countries in every major geographical region in the world.
Air Lease provides airlines with net operating leases, which require the lessee to pay for maintenance, insurance, taxes and all other aircraft operating expenses during the lease term.
As of 2015, Air Lease has on order approximately 400 aircraft, worth over US$30 billion, and had a 2014 market capitalization of US$ 4.0 billion.
Steven Udvar-Házy, chairman and chief executive of Air Lease, was a founder of Century City aircraft leasing giant International Lease Finance Corp. ILFC and stayed on as chief executive after it was sold to American International Group Inc AIG in 1990.Udvar-Házy left ILFC to start Air Lease in 2010 following a dispute with AIG.
Udvar-Házy started Air Lease in February 2010 with former ILFC chief operating officer John Plueger, who has the same role at the new company. On April 19, 2011, AL had an initial public offering of Class A stock on the New York Stock Exchange, and raised an estimated total of US$ 965.6 million. Udvar-Hazy, estimated by Forbes in 2015 to have a net worth of $3.7 billion, has a 7 percent stake.......
East West Bank Chinese: simplified: Pinyin: huá měi yín háng is a bank based in the state of California in the United States, with assets of $31.1 billion and a market capitalization of over $6.0 billion.[2] Originally founded to serve the Chinese American community in California, it now has over 130 branch locations in the U.S and Greater China, including branches in northern and southern California, Georgia, Nevada, Massachusetts, New York, Texas, Washington. In Greater China, East West’s presence includes full service branches in Hong Kong, Shanghai, Shantou and Shenzhen, and representative offices in Beijing, Chongqing, Guangzhou, Taipei and Xiamen. It is headquartered in Pasadena, California. As of its 2009 acquisition from the Federal Deposit Insurance Corporation of the assets of United Commercial Bank, the resulting bank was projected to start with almost $23 billion in assets, putting it ahead of L.A.-based City National as the largest bank based in Southern California.
The current Chairman and Chief Executive Officer is Dominic Ng and the President and Chief Operating Officer is Julia S. Gouw.
East West Bank was founded in 1973 as a savings and loan company targeting the Chinese American community in Southern California. It became a state-chartered commercial bank in 1995. The Chinese name is not a direct translation of east and west, rather it is two characters, which depend on context. can mean magnificent or splendid, but is often used in conjunction with other characters to refer to China and Chinese overseas. Likewise can mean 'pretty' or 'USA, American'.
Map of cities with East West Bank branches.
In August 2004, East West Bancorp, the parent company of East West Bank, acquired Trust Bank, a Chinese American bank that was based in Monterey Park, California and had assets valued at $235 million. All four branches of Trust Bank were rebranded to East West Bank's name and shareholders of Trust Bank received a total value of $32.9 million in East West Bank stock for the acquisition. According to East West Bankcorp's press release, the acquisition was estimated to be accretive to 2004 earnings per share by $0.02.
In March 2006, East West Bank again merged with another Chinese American bank when East West Bankcorp acquired Standard Bank, headquartered in Monterey Park, California. Standard Bank had six branch locations, all located in Los Angeles county, and had assets valued at $923 million. A total value of $200.3 million was paid in the acquisition, consisting of $70.1 million in cash and 3,547,314 shares of common stock in East West Bancorp.
In 2007, it purchased Desert Community Bank, a community bank operating in the Victor Valley region of California. Desert Community Bank branches remain branded as such and did not change to East West Bank, however DCB members have access to the East West Bank network and vice versa.
In 2009, it purchased the assets of failed United Commercial Bank, via a transaction by the Federal Deposit Insurance Corporation. This expanded East West Bank's reach with UCB's 63 U.S. branches, including 17 in Southern California and into the Chinese American communities of Houston, Boston, and Atlanta, as well as branches in Hong Kong and China.
East West Bank similarly assumed the deposits, some assets, and all four branches of Washington First International Bank in Seattle upon the latter's failure on June 11, 2010.
Its spokeswoman used to be figure skater Michelle Kwan. East West Bank also purchased the naming rights to the East West Ice Palace, an ice rink arena in Artesia, California. It also owns the naming rights to the East West Bank Classic, a tennis tournament on the WTA Tour.......
TD Bank, N.A., is a United States national bank chartered and supervised by the federal Office of the Comptroller of the Currency. TD Bank offers banking, insurance, brokerage, and investment banking services in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington, D.C.
The bank is a successor to the Portland Savings Bank, which started in Portland, Maine, in 1852, and later became Banknorth. The bank took its current name, TD Bank, N.A., in 2008, through the acquisition and renaming of Commerce Bank and its subsequent merger with TD Banknorth. In 2013, TD Bank, N.A. centralized its headquarters in Cherry Hill, New Jersey, U.S.
The company is a subsidiary of the Canadian Toronto-Dominion Bank based in Toronto, Ontario. The bank's "TD" initials, first popularized in Canada, are used officially for all American operations. The bank embraces a retail approach to banking; its branches are called "stores" and have extended operation hours.
On May 10, 2000-after various mergers and acquisitions-Banknorth Group Inc. of Portland, Maine "Banknorth" came into being, as a holding company for banking and insurance activities, primarily serving the New England area of the United States. On December 31, 2001, Banknorth Group, Inc., merged its seven subsidiary banks into one bank- Banknorth N-under the Peoples Heritage Bank charter dating back to 1852, with one OCC charter.
In August 2004, Toronto-Dominion Bank-which operates as TD Bank Financial Group-became the majority owner, renaming it "TD Banknorth, N.A." In connection with the transaction,-Banknorth changed its name to TD Banknorth Inc. and reincorporated in Delaware. In July, 2005, TD Banknorth announced that it had acquired Hudson United Bank, based in Mahwah, New Jersey. The acquisition expanded TD Banknorth’s presence in New York and extended the franchise into northern New Jersey and Philadelphia. In April 2006, TD Banknorth announced acquisition of Interchange Financial Services Corp., adding 30 branches in the New Jersey counties of Bergen and Essex.
Banknorth added a sister company, TD Ameritrade, which was formed after the Ameritrade Holding Corporation acquired TD Waterhouse USA from Toronto-Dominion Bank in 2006. On November 20, 2006, TD Bank Financial Group (TDBFG) and TD Banknorth entered into an agreement in which TDBFG would acquire all remaining shares of TD Banknorth. This was completed on April 20, 2007, and TD Banknorth became a wholly owned subsidiary of TDBFG, with the bank's headquarters in Portland, Maine.
On October 2, 2007, TDBFG and Commerce Bancorp, Inc. of New Jersey announced that they had signed a definitive agreement for TDBFG to acquire Commerce Bank in a 75% stock and 25% cash transaction valued at US$8.5 billion.
Under the agreement, Commerce shareholders received 0.4142 shares of a TDBFG common share and US$10.50 in cash in exchange for each common share of Commerce Bancorp Inc. The consideration was negotiated on the basis of US$42.00 per share value for Commerce Bank. The transaction value, based on the October 1, 2007 closing price of TDBFG common shares, was $42.37.
Following the completion of the transaction, TDBFG expected to take a one-time restructuring charge of approximately US$490 million pre-tax. The deal closed on March 31, 2008. Commerce Bank employees were given a welcome kit with 2 TD pins (to replace the previous "C" pin worn by staff), a small bag of green M&M's, and a brochure of the history of TDBFG.
On March 20, 2008, the combined company announced it would be doing business in the United States as "TD Commerce Bank" after the merger. A TD Banknorth competitor, Commerce Bank & Trust Company, of Worcester, Massachusetts, filed a lawsuit against TD Banknorth, to bar the bank from using the name TD Commerce Bank in its existing Massachusetts branches. On May 2, 2008, federal Judge F. Dennis Saylor granted a preliminary injunction, prohibiting the use of the TD Commerce name in Massachusetts branches.As a result, TDBFG decided not to go forward with its original rebranding plans. Instead, it decided that the "Commerce Bank" name, red "C" logo, and red theme would be retired and the branches would carry the brand name "TD Bank," although the "America's Most Convenient Bank" tagline would remain as was originally planned
All Commerce branches became TD Bank on October 31, 2008, after a slow phasing in of the TD name, logos, and colors in the branches. As of November 1, 2008, the Commerce Bank website redirected to the TD Bank website. At the same time, Toronto-Dominion also rebranded many of the TD Banknorth branches in the Commerce business areas as TD Bank, while closing several branches that overlapped with Commerce branches in the same area. In the TD Banknorth bank region, the rebranding occurred in September 2009, which completed the merger of the two banks under the TD Bank brand name.......
A Federal Reserve Bank is a regional bank of the Federal Reserve System, the central banking system of the United States. There are twelve in total, one for each of the twelve Federal Reserve Districts that were created by the Federal Reserve Act of 1913. The banks are jointly responsible for implementing the monetary policy set forth by the Federal Open Market Committee, and are divided as follows:
Federal Reserve Bank of Atlanta
Federal Reserve Bank of Boston
Federal Reserve Bank of Chicago
Federal Reserve Bank of Cleveland
Federal Reserve Bank of Dallas
Federal Reserve Bank of Kansas City
Federal Reserve Bank of Minneapolis
Federal Reserve Bank of New York
Federal Reserve Bank of Philadelphia
Federal Reserve Bank of Richmond
Federal Reserve Bank of San Francisco
Federal Reserve Bank of St. Louis
Some banks also possess branches, with the whole system being headquartered at the Eccles Building in Washington, D.C.
This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. April 2014
The twelve Reserve Banks buildings in 1936
Alexander Hamilton, the first Secretary of Treasury, started a movement in 1780 advocating for the creation of a central bank. The Bank Bill created by Hamilton was a proposal to institute a national bank in order to improve the economic stability of the nation after its independence from Britain. Although the national bank was to be used as a tool for the government, it was to be privately owned. Hamilton wrote several articles providing information regarding his national bank idea where he expressed the validity and "would be" success of the national bank based upon: incentives for the rich to invest, ownerships of bonds and shares, being rooted in fiscal management, and stable monetary system.
In response to this, the First Bank of the United States was established in 1791, its charter signed by George Washington. The First Bank of the United States was headquartered in Philadelphia, but had branches in other major cities. The Bank performed the basic banking functions of accepting deposits, issuing bank notes, making loans and purchasing securities.
When its charter expired 20 years later, the United States was without a central bank for a few years, during which it suffered an unusual inflation.[citation needed] In 1816, James Madison signed the Second Bank of the United States into existence. When, in 1833, before that bank's charter expired, president Jackson removed the government funds as part of the Bank War, and the United States went without a central bank for 40 years.
A financial crisis known as the Panic of 1907 was headed off by a private conglomerate led by J. P. Morgan), who set themselves up as "lenders of last resort" to banks in trouble. This effort succeeded in stopping the panic, and led to calls for a Federal agency to do the same thing.citation needed
In response to this,citation needed the Federal Reserve System was created by the Federal Reserve Act of December 23, 1913, establishing a new central bank intended to serve as a formal "lender of last resort" to banks in times of liquidity crisis-panics where depositors tried to withdraw their money faster than a normal fractional-reserve-based bank could pay it out.
The Federal Reserve Act presented by Congressman Carter Glass and Senator Robert L. Owen incorporated modifications by Woodrow Wilson and allowed for a regional Federal Reserve System, operating under a supervisory board in Washington, D.C. Congress approved the Act, and President Wilson signed it into law on December 23, 1913. The Act, "Provided for the establishment of Federal Reserve Banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes. The Act provided for a Reserve Bank Organization Committee that would designate no less than eight but no more than twelve cities to be Federal Reserve cities, and would then divide the nation into districts, each district to contain one Federal Reserve City.
The legislation provided for a system that included a number of regional Federal Reserve Banks and a seven-member governing board. All national banks were required to join the system and other banks could join.
On April 2, 1914, the Reserve Bank Organization Committee announced its decision, and twelve Federal Reserve banks were established to cover various districts throughout the country. Those opposed to the establishment of an overwhelmingly powerful New York Fed prevailed in their desire that its scope and influence should be limited. Initially, this bank's influence was restricted to New York State. Nonetheless, with over $20,000,000 in capital stock, the New York Bank had nearly four times the capitalization of the smallest banks in the system, such as Atlanta and Minneapolis. As a result, it was impossible to prevent the New York Fed from being the largest and most dominant bank in the system.
The Federal Reserve Banks opened for business in November 1914. The New York Fed opened for business under the leadership of Benjamin Strong, Jr. , previously president of the Bankers Trust Company, on November 16, 1914. The initial staff consisted of seven officers and 85 clerks, many on loan from local banks. Mr. Strong recalled the starting days at the Bank in a speech: "It may be said that the Bank's equipment consisted of little more than a copy of the Federal Reserve Act." During its first day of operation, the Bank took in $100 million from 211 member banks; made two rediscounts; and received its first shipment of Federal Reserve Notes. Congress created Federal Reserve notes to provide the nation with a flexible supply of currency. The notes were to be issued to Federal Reserve Banks for subsequent transmittal to banking institutions in accordance with the needs of the public.
The U.S. Federal Reserve System or the Fed of which the twelve regional Federal Reserve banks are a part was created by an Act of Congress in 1913 in a response to a series of economic crises at the turn of the early 20th century.
The Bank's staff grew rapidly during the early years, necessitating the need for a new home. Land was bought on a city block encompassing Liberty Street, Maiden Lane, William Street and Nassau Street. A public competition was held and the architectural firm of York & Sawyer submitted the winning design reminiscent of the palaces in Florence, Italy. The Bank's vaults, located 86 feet below street level, were built on Manhattan's bedrock. In 1924, the Fed moved into its new home. By 1927, the vault contained ten percent of the world's entire store of monetary gold.
The Fed is an independent financial institution formed within the United States, that works separately from the executive or judicial branches of government. The Federal Reserve System is considered to be an independent agency that exists outside of the cabinet of the executive and its powers are derived directly from Congress. Over the past century, the Fed’s power has expanded from its original roles such as a private response to problems in banking systems and to establishing a more effective supervisory role of banking systems in the United States, to its now current position of being a lender of last resort to banking institutions that require additional credit to stay afloat........
Bank of America abbreviated as BofA is an American multinational banking and financial services corporation headquartered in Charlotte, North Carolina. It is the second largest bank holding company in the United States by assets. As of 2013, Bank of America is the twenty-first largest company in the United States by total revenue. In 2010, Forbes listed Bank of America as the third biggest company in the world.
Bank of America provides its products and services through operating 5,100 banking centers, 16,300 ATMs, call centers, and online and mobile banking platforms. Its Consumer Real Estate Services segment offers consumer real estate products comprising fixed and adjustable-rate first-lien mortgage loans for home purchase and refinancing needs, home equity lines of credit, and home equity loans.
The bank's 2008 acquisition of Merrill Lynch made Bank of America the world's largest wealth management corporation and a major player in the investment banking market. According to the Scorpio Partnership Global Private Banking Benchmark 2014 it had assets under management AuM of USD 1,866.6 Bn an increase of 12.5% on 2013.
The company held 12.2% of all bank deposits in the United States in August 2009, and is one of the Big Four banks in the United States, along with Citigroup, JPMorgan Chase and Wells Fargo-its main competitors.] Bank of America operates-but doesn't necessarily maintain retail branches-in all 50 states of the United States, the District of Columbia and more than 40 other countries. It has a retail banking footprint that serves approximately 50 million consumer and small business relationships at 5,151 banking centers and 16,259 automated teller machines ATMs.
Bank of America has been the subject of several lawsuits and investigations regarding both mortgages and financial disclosures dating back to the financial crisis, including a record settlement of $16.65 billion on August 21, 2014........
The International Lease Finance Corporation .ILFC. is an aircraft lessor headquartered in the Constellation Place (formerly the MGM Tower) in Century City, Los Angeles, California.
It is the world's largest aircraft lessor by value, though ILFC's rival, General Electric's GECAS unit, has more aircraft. It leases Boeing and Airbus aircraft to major airlines worldwide, including Aeroméxico, Air Canada, Asiana Airlines, Korean Air, Cathay Pacific, Cyprus Airways, Air France-KLM, Lufthansa, Alaska Airlines, American Airlines, Air India, United Airlines, Norwegian Air Shuttle, Pakistan International Airlines, South African Airways, Emirates, Gulf Air and most recently, Delta Air Lines. After Virgin America delayed the delivery of its Airbus A320neo family jets until 2020, ILFC has become the launch customer for the type. The A320neo is planned to enter service in October 2015 with ILFC, 27 years after the first A320 was delivered.
Father and son team Leslie Gonda and Louis L. Gonda founded ILFC in 1973 along with Steven F. Udvar-Hazy. The company was acquired by international insurance giant AIG in 1990, although the unit was still run by Udvar-Hazy until he retired in February 2010; he was succeeded by vice-chairman Alan Lund. Henri Courpron, a former Airbus executive, was appointed as president and CEO of ILFC in May 2010.
On September 2, 2011, AIG filed with the SEC to spin off ILFC in an initial public offering.
In December 2012, AIG announced that it was selling a 90% stake in the company to a consortium of Chinese companies consisting of New China Trust, New China Life Insurance, P3 Investments and the China Aviation Industrial Fund to raise funds to repay its US$182B government bailout.
In August 2013, two of the Chinese companies withdrew their involvement in the deal. AIG had given a deadline for the completion of the deal as August 31, 2013, and alternatives were considered, such as an initial public offering.
On December 16, 2013, AIG announced they were selling its 100% stake in ILFC to AerCap Holdings N.V............
