Industrial and Commercial Bank of China (Asia) Limited ("ICBC (Asia)"), being a group member of Industrial and Commercial Bank of China Limited ("ICBC"), enjoys ample support in various areas such as funding, settlement, information technology and credit card business.
ICBC (Asia), formerly known as Union Bank of Hong Kong Limited, was established in Hong Kong in 1964 and publicly listed in 1973 (Stock Code: 349). Over the years, the Bank offered advanced and diversified banking services to its customers. Following the Bank's change of name to "Industrial and Commercial Bank of China (Asia) Limited" on 21 August 2000, the Bank has become a member of ICBC.
In July 2001, ICBC injected the corporate banking business of its Hong Kong Branch into ICBC (Asia). By doing so, it expanded ICBC (Asia)'s customer base, improved its deposits and loans portfolio and also diversified its product mix. Such transfer of business therefore led to a substantial enhancement of the competitive edge of ICBC (Asia). Since then, the Bank has become the flagship of ICBC in developing overseas business.
ICBC (Asia) acquired Fortis Bank Asia HK's retail and commercial banking operations on 30 April 2004. Fortis Bank Asia HK was renamed Belgian Bank and became a wholly-owned subsidiary of ICBC (Asia). In October 2005, Belgian Bank, Hong Kong Branch was legally merged into ICBC (Asia). In 2005, ICBC (Asia) acquired Chinese Mercantile Bank which becomes a whollyowned subsidiary and focuses on RMB banking business.
On 6 June 2007, ICBC (Asia) was assigned A2/Prime-1 long-term/short-term deposit ratings and C-Bank Financial Strength Rating (BFSR) by Moody's Investors Service.
With the nationwide branch network, leadership and expertise provided by ICBC, ICBC (Asia) will continue to offer a range of banking and financial services, including various types of deposits and loans, trade finance, remittance, settlement, commercial and industrial finance, syndicated loans, inward and outward bills of exchange, China business advisory and financial services, securities business and bullion brokerage services as well as insurance agency services.
updated as per 2007/2008 Annual Report
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