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The Industrial and Commercial Bank of China Limited (ICBC) was formally established on January 1, 1984, as part of a strategic financial reform by the Chinese government. The bank was created by separating the commercial banking operations—specifically, the industrial credit and savings business—from the People’s Bank of China, which was simultaneously being transformed into the nation’s central bank. This founding established ICBC as one of China’s "Big Four" state-owned commercial banks. Its current status is that of a partially state-owned, public multinational corporation, headquartered in Beijing. While the Chinese government, through entities like the Ministry of Finance and Central Huijin Investment, retains a majority shareholding (approximately 69.3% as of 2021), ICBC completed a landmark dual listing on the Hong Kong and Shanghai Stock Exchanges in 2006.

The general significance of ICBC transcends the Indian financial system, though its operations there are part of a massive global network. It stands as the largest bank in the world by total assets, a rank it has maintained since 2012, and it is consistently among the largest in the world by market capitalization. As the largest of China's major state-controlled banks, ICBC serves as a critical pillar of the national economy, driving domestic financial policy and facilitating the country's vast international trade. Its unparalleled scale and extensive global footprint, with operations in over 50 countries, mark it as one of the most powerful and influential financial institutions in the global banking sector.