ICBC(Asia)-About Us > Profile > History
>> English | 繁體 | 简体
left_about.inc
Personal / Securities
Business
Private Banking
 

Industrial and Commercial Bank of China (Asia) Limited (“ICBC (Asia)”), being the flagship of Hong Kong banking business of Industrial and Commercial Bank of China Limited (“ICBC”) ĘC currently the China’s largest commercial bank by market capitalisation, offers a wide range of financial services to corporate and individual customers, 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, asset management, securities, trustee and bullion brokerage services as well as insurance agency services.

ICBC (Asia), formerly known as Union Bank of Hong Kong Limited, was established in Hong Kong in 1964 and publicly listed in 1973.  Over the years, 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" on 21 August 2000 following its becoming a member of ICBC Group.

In July 2001, ICBC injected the corporate banking business of its Hong Kong Branch into ICBC (Asia).  It expanded the customer base of ICBC (Asia), 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).

ICBC (Asia) acquired Fortis Bank Asia HK's retail and commercial banking operations on 30 April 2004.  Fortis Bank Asia HK was then renamed to Belgian Bank and became a wholly-owned subsidiary of ICBC (Asia).  In October 2005, Belgian Bank, Hong Kong Branch was formally merged with ICBC (Asia).  In 2005, ICBC (Asia) acquired Chinese Mercantile Bank which becomes its wholly-owned subsidiary and focuses on RMB banking business in Mainland China.

On 31 August 2008, ICBC (Asia) completed the acquisition of Worldsec Asset Management Limited and renamed it to ICBC (Asia) Investment Management Company Limited.  Being a wholly-owned subsidiary of ICBC (Asia), ICBC (Asia) Investment Management Company Limited provides professional investment and asset management services.

On 21 December 2010, ICBC completed its privatisation process of ICBC (Asia), which was henceforth withdrawn from listing on The Stock Exchange of Hong Kong Limited and became a wholly-owned subsidiary of ICBC. The completion of privatisation thus provides ICBC (Asia) with broader access to finance, allows greater flexibility in obtaining the support of ICBC and achieving more effective business connection and integration within the ICBC Group.

Upon the completion of the privatisation process, ICBC (Asia) accelerates its pace of development. Benefited from its continuous enhancing profitability, innovation, risk management and control effectiveness and other driven forces, ICBC (Asia) achieves a good momentum of steady growth in the client base and business development, resulting in continued expanding of its total asset size and optimization of its asset structure.

By persisting in the business strategy of “based in Hong Kong, backed by the Mainland, facing the world”, ICBC (Asia) seizes the favourable opportunities of Hong Kong being the offshore Renminbi centre and keenly explores Renminbi businesses and cross-border banking services.  ICBC (Asia) realized a number of pioneering projects in offshore Renminbi financial products and was received various awards regarding quality cross-border services, such as “Excellent Brand of Cross-border Banking Services” and “Best Deal”, etc.

On 30 May 2014, Fitch Ratings affirmed A/F1 Long-Term/Short-Term Issuer Default Rating with stable outlook and '1' Support Rating assigned to ICBC (Asia). On 12 September 2014, Moody's Investors Service affirmed ICBC (Asia)'s Long-Term/Short-Term Deposit Ratings at A2/Prime-1 with stable outlook, and maintained C- Bank Financial Strength Rating (BFSR).

 

 
 

Terms & Conditions | Privacy Statement & Disclaimer | Services Charges
Copyright(c) Industrial and Commercial Bank of China (Asia) Limited. All rights reserved.

This site is best viewed at 800x600 screen resolution with
Internet Explorer 5.5 SP2 or above