The Industrial and Commercial Bank of China (ICBC), the country's biggest bank by asset, confirmed Saturday it had received the title "Best Retail Bank in China" in 2004 by The Asian Banker, a well-known financial magazine.

In China's complex retail banking landscape, the bank that stood out the most was the ICBC, according to the Singapore-headquartered magazine, which hails itself as a provider of "strategic intelligence for Asia's financial services community."

The ICBC made good strides in transforming itself into a modern banking institution, bringing down non-performing assets, streamlining operations and investing heavily in strategic technologies. The changes made within the bank had started to impact the retail segment, bank officials said.

By resorting to its more than 20,000 business outlets, the bank now accounts for the biggest share in the retail market of any commercial bank in China. It boasts more than 100 million individual clients.

(Xinhua News Agency May 29, 2005)