Jan 20, 2020 351


Industrial and Commercial Bank of China Limited being the flagship of the overseas banking business of the Industrial and Commercial Bank of China Limited. (ICBC) ¨C currently China's largest commercial bank by market capitalization, it offers a wide range of financial services to corporate and individual clients, including various types of deposits and loans, trade finance, remittances, liquidation, commercial and industrial finance , Syndicated loans, bills of exchange inbound and outbound, consulting services and financial services of China, asset management, securities brokerage services, fiduciary and bullion, as well as services of insurance agencies.

ICBC (Asia), formerly known as Union Bank of Hong Kong Limited, was established in Hong Kong in the year 1964 and listed in the year 1973. Throwback the Bank offered advanced and diversified banking services to its customers. The Bank changed its name to "Industrial and Commercial Bank of China (Asia) Limited" in the year 2000 on August 21,after becoming a member of the ICBC Group.In July 2001, ICBC injected the corporate banking business of its Hong Kong branch into ICBC (Asia). It expanded ICBC's customer base (Asia), improved its portfolio of deposits and loans and also diversified its product mix. Such a transfer of business led, therefore, to a substantial improvement in the competitive advantage of ICBC (Asia).

ICBC (Asia) acquired the retail and commercial banking operations of Fortis Bank Asia HK on 30 April 2004. Fortis Bank Asia HK became the Belgian bank and became a wholly-owned subsidiary of ICBC (Asia). In October 2005, the Bank of Belgium, Hong Kong Branch was formally merged with ICBC (Asia). In 2005, ICBC (Asia) acquired China Mercantile Bank, which becomes its wholly owned subsidiary and focuses on the RMB banking business in mainland China.On August 31, 2008, ICBC (Asia) completed the acquisition of Worldsec Asset Management Limited and renamed ICBC (Asia) Investment Management Company Limited. As a subsidiary of ICBC (Asia), ICBC (Asia) Investment Management Company Limited offers professional investment and asset management services.On December 21, 2010, ICBC completed its ICBC (Asia) privatization process, which subsequently withdrew from listing on the Hong Kong Limited and became a subsidiary of ICBC. The conclusion of the privatization provides ICBC (Asia) with broader access to finance, allows greater flexibility in gaining ICBC support and a more effective business connection and integration within the ICBC Group.