The ICBC commercial bank’s name has changed from ICBC Financial Group to ICBC Commercial Bank and vice versa.
The ICBC company that runs ICBC’s banking arm, ICB, will now be known as ICBC Bank, a move that will benefit both the bank and the commercial banks it operates with, according to a statement by the ICBC board.ICBC Financial, the bank’s commercial arm, is also asking ICBC to change its name to ICB Financial Solutions, according the statement.
The change comes after ICBC received a letter from ICB’s parent company, Commercial Banks, asking it to change the name of the commercial bank to Commercial Banks Limited.
The ICB name change comes as ICB prepares to launch its new commercial bank, the Commercial Bank of Israel, which is expected to launch later this year.ICB Financial Group was incorporated in May 2011, the same year as ICBO and was a joint venture between ICBC and Israel’s largest commercial bank Tel Aviv Investment Co.
The company has an operating branch in the United Arab Emirates, which it also serves as a subsidiary of.ICBO and ICBC have been under pressure in recent months from Arab states and other nations to alter the names of their respective branches, and the company also recently faced legal action from the United Nations over a dispute over a $50 million settlement payment.
Israel is not the only country in which ICBC has faced legal challenges, and there are many others in which the bank is in dispute.
The Arab states have accused ICBC of breaching international law by not paying a $1.2 billion settlement for the West Bank settlement of the dispute with the Palestinian Authority (PA).
The Palestinian Authority was also sued by the United States for allegedly failing to pay a $3.5 billion settlement to the U.S. in the case.
In a report in The New York Times earlier this year, the company said it would no longer pursue claims against the PA and would instead instead seek to resolve the legal matter through negotiations between the two sides.
ICBC, meanwhile, is in the midst of a massive $1 trillion ($1.5 trillion) merger with JPMorgan Chase, a transaction that is expected over the next two years to close by 2019.
But the merger will not result in any new commercial banking jobs at ICBC.