Moody's: No change for Industrial and Commercial Bank of China

Moody's Investors Service said that although the Industrial and Commercial Bank of China is now the world's largest bank, its new status by itself does not have any immediate rating implications, while it will - like other Chinese banks engaged in expansion abroad - eventually face the same challenges as those encountered by its U.S. counterparts.

As the global financial crisis deepens, the market has gradually woken up to the fact that the bank has emerged as the world's largest bank by market capitalization, deposits and total profits, Moody's said.

In the current global crisis, several main differences with the U.S. banks set Industrial and Commercial Bank of China apart, the agency said. First, it enjoys its customers' unwavering confidence as it is majority owned by the government and secondly, it has a different type and level of risk appetite, Moody's said.

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