ICBC's outstanding consortium loans exceed 1t yuan

BEIJING - The aggregate consortium loans provided by the Industrial and Commercial Bank of China (ICBC), China's biggest commercial lender, have surpassed 1 trillion yuan ($142 billion) by the end of November.

The figure represented a net increase of 120 billion yuan from the beginning of the year and a compound growth rate of over 10 percent over the past three years.

Compared to conventional loans extended by a single bank, consortium loans are often led by large banks and enjoy the advantages of dispersing loan risks, reducing peer competition and encouraging profit-sharing among lenders.

The ICBC said it has led consortium loan contracts worth more than 600 billion yuan to support major projects in the Beijing-Tianjin-Hebei region, the Yangtze River Delta and Guangdong-Hong Kong-Macao Greater Bay Area over the past two years.