ICBC won’t com­pen­sate clients of trou­bled prod­uct

China Daily (Canada) - - BUSINESS -

In­dus­trial and Com­mer­cial Bank of China, the world’s largest bank by as­sets, said on Thurs­day that it has no plans to use its own money to re­pay in­vestors in a trou­bled off­bal­ance-sheet in­vest­ment prod­uct that it helped to mar­ket. ICBC’s shares have fallen this week amid spec­u­la­tion that the bank would be forced to help re­pay in­vestors in a 3 bil­lion yuan ($496.20 mil­lion) high-yield in­vest­ment prod­uct is­sued by China Credit Trust Co Ltd but mar­keted through ICBC branches.

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