Industrial and Commercial Bank of China (Asia)
Encyclopedia
The Industrial and Commercial Bank of China (Asia), or more commonly known as ICBC (Asia) (Traditional Chinese: 中國工商銀行(亞洲), 工銀亞洲) is a licensed bank incorporated in Hong Kong
. It is a subsidiary of the Industrial and Commercial Bank of China
.
(友聯銀行), founded in Hong Kong in 1964, and traded on Hong Kong Stock Exchange
since 1973, on August 21, 2000; ICBC then renamed its acquisition ICBC (Asia) in July 2001.
On April 30, 2004, ICBC (Asia) acquired the retail banking
business (but not the wholesale banking business) of Fortis Bank Asia HK from Fortis
. Fortis Bank Asia became a wholly owned subsidiary of ICBC (Asia) and reverted to its earlier name, Belgian Bank
. On October 10, 2005, all Belgian Bank's branches were rebranded as ICBC (Asia). This merger has resulted in ICBC (Asia) rising to the position of being the sixth largest bank on the Hong Kong Stock Exchange, from its former position of tenth.
In November 2010, the company said it had obtained shareholder approval to take the Hong Kong unit private. It is delisted from the Hong Kong Stock Exchange in December 2010.
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
. It is a subsidiary of the Industrial and Commercial Bank of China
Industrial and Commercial Bank of China
Industrial and Commercial Bank of China Ltd. is the largest bank in the world by profit and market capitalization. It is one China's 'Big Four' state-owned commercial banks .It was founded as a limited company on January 1, 1984...
.
History
ICBC acquired Union Bank of Hong KongUnion Bank of Hong Kong
Union Bank of Hong Kong was a bank in Hong Kong. It now becomes Industrial and Commercial Bank of China ....
(友聯銀行), founded in Hong Kong in 1964, and traded on Hong Kong Stock Exchange
Hong Kong Stock Exchange
The Hong Kong Stock Exchange is a stock exchange located in Hong Kong. It is Asia's third largest stock exchange in terms of market capitalization behind the Tokyo Stock Exchange and the Shanghai Stock Exchange and fifth largest in the world...
since 1973, on August 21, 2000; ICBC then renamed its acquisition ICBC (Asia) in July 2001.
On April 30, 2004, ICBC (Asia) acquired the retail banking
Retail banking
Retail banking is banking in which banking institutions execute transactions directly with consumers, rather than corporations or other banks. Services offered include: savings and transactional accounts, mortgages, personal loans, debit cards, credit cards, and so forth.-Types of...
business (but not the wholesale banking business) of Fortis Bank Asia HK from Fortis
Fortis (finance)
Fortis N.V./S.A. was a company active in insurance, banking and investment management. In 2007 it was the 20th largest business in the world by revenue but after encountering severe problems in the financial crisis of 2008, most of the company was sold in parts, with only insurance activities...
. Fortis Bank Asia became a wholly owned subsidiary of ICBC (Asia) and reverted to its earlier name, Belgian Bank
Belgian Bank
Belgian Bank is a wholly owned subsidiary of ICBC . "Belgian Bank" was also the trading name of its founding predecessor, the Generale Belgian Bank. It is a licensed bank incorporated in Hong Kong. On October 10, 2005, all branches of Belgian Bank were rebranded as "ICBC "....
. On October 10, 2005, all Belgian Bank's branches were rebranded as ICBC (Asia). This merger has resulted in ICBC (Asia) rising to the position of being the sixth largest bank on the Hong Kong Stock Exchange, from its former position of tenth.
In November 2010, the company said it had obtained shareholder approval to take the Hong Kong unit private. It is delisted from the Hong Kong Stock Exchange in December 2010.