ICBC to hike fees for 20 personal banking services

Published: 23 Jun 2009 23:28:00 PST

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Jun. 24, 2009 (China Knowledge) - Industrial and Commercial Bank of China (ICBC)<601398><1398>, the world's biggest lender by market value, will increase fees for 20 personal financial services, including transactions that cross regional boundaries, cash withdrawals and foreign currency remittance, according to a statement released by the lender on its website on Monday.

Meanwhile, the lender will reduce fees on some self-service transactions.

The bank said that the charge adjustments will help control costs and improve services.

The move is also to encourage customers to use online banking services to ease the pressure on counter services, said an official from the lender's news department, adding that ICBC had already cut fees for 14 types of online banking transactions before the adjustment.

ICBC did not say when the new fee schedule will take effect.

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