ICBC's Mumbai Branch Faced 'Internal and External Challenges' During 2017 Doklam Standoff

A confidential report by the Industrial and Commercial Bank of China (ICBC) has revealed that its Mumbai branch faced 'internal and external challenges' during the 2017 Doklam standoff between India and China.

According to the report, the branch 'proactively reduced its exposure to loan and investment risks and suspended the disbursement of 11 approved but undisbursed loans and bond investments totalling $185 million'.

The report also states that the branch 'organized' Communist Party members across every department to remain at their posts and stay in contact with China's embassy and consulate.

The revelations come from a January 2018 'confidential' 178-page ICBC work summary, part of a leaked dataset of 4.8 million documents spanning 2005 to 2024.

The dataset was obtained by hacking group Hunters International and shared with the International Consortium of Investigative Journalists (ICIJ), which coordinated the 'China Capital' investigation across 24 countries and 75 journalists.

ICBC did not respond to questionnaires from The Indian Express and ICIJ seeking comment.

The report notes that the Mumbai branch met just 57.7% of its annual target due to the border situation, with the pause in loan and investment disbursements impacting operating revenue by approximately $6.36 million.

The ICBC report also provides information on the bank's response to the standoff, including the formulation of contingency plans and the minimization of adverse impacts.