ICBC processes over $15.8 B inter-bank bill discounts in 2011

ICBC Bill Department has processed outright inter-bank discount of bills to a total of over RMB 100 billion or US$ 15.887 billion in 2011. Nearly 70% cash generated was for SMEs.

The department actively promotes bill discount service directly targeting at small and medium-sized enterprises. In 2011, the Department has discounted nearly 1000 bills for over 100 SMEs totaling nearly RMB 8 billion. While lending increasing support to the real economy, for the eleventh consecutive year ICBC Bill Department has kept a good record of zero percentage in accepting fraudulent bills, bad asset rate, fund loss rate and economic crime
rate. This paves the way for the Department to sustain healthy growth on bill business.

Beginning from 2011, the department focused on R&D/innovation of new products and business portfolio optimization in line with the changes in external business environment. An example is the electronic bill financing service for SMEs to access "short-term, frequent, urgent" loans.

This led to improved bill liquidity and business efficiency.

The RMB 29 billion of electronic bill turnover in 2011 helped SMEs address their working capital shortage faster. ICBC Bill Department also provides professional bill services on bill verification, bill custody and bill collection for SMEs to manage bills.

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Tags: SMEs, electronic bill turnover, ICBC, inter-bank bill discounts