Exclusive: ICBC hack led to unit temporarily owing Bank of New York Mellon $9 billion, sources say

Exclusive: ICBC hack led to unit temporarily owing Bank of New York Mellon $9 billion, sources say

Industrial and Commercial Bank of China’s hack resulted in its U.S. unit owing Bank of New York Mellon $9 billion temporarily due to unsettled trades. To settle the trades, the parent company injected capital into the unit, according to sources familiar with the matter. However, BNY has since been paid back.

The attack, which ICBC confirmed on Thursday, is part of a series of ransom demands made by hackers this year. ICBC Financial Services, the bank’s U.S. unit, stated that it is investigating the attack and making progress towards recovery despite the disruption to some of its systems.

During a call organized by the Securities Industry and Financial Markets Association (SIFMA), ICBC representatives informed market participants that they have hired a third party to ensure the safety of their systems, as sources revealed. ICBC did not respond to requests for comment.

Reporting by Paritosh Bansal; editing by Megan Davies. Our Standards: The Thomson RushHourDaily Trust Principles.

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