SOURCE: Industrial and Commercial Bank of China

Industrial and Commercial Bank of China

April 01, 2016 07:28 ET

ICBC Officially Launches Its Asia Pacific Business, Joins Hands With Strategic Partners to Sign Cooperative Agreements

Serving the "Belt and Road" Initiative, Leveraging the Close Interaction Between Domestic and Overseas Institutions

HONG KONG, CHINA--(Marketwired - Apr 1, 2016) - Industrial and Commercial Bank of China ("ICBC") has announced today the official launch of its Asia Pacific Business to seize the tremendous opportunities offered by favorable national policies including "Belt and Road" initiative, the internationalisation of the Renminbi and the "Going-Global" of Chinese enterprises called for by the Government. ICBC is focusing on developing its business in Asia, Australia and New Zealand. To foster closer collaboration, ICBC (Asia) -- the flagship of overseas banking business of ICBC -- signed strategic cooperative agreements with the State Development and Investment Corporation (SDIC), China XD Group Corporation, China Reform Holdings Corporation Ltd., and PowerChina International Group Limited respectively. Today's official launch event in Hong Kong was officiated by the senior management of ICBC and ICBC (Asia).

With the official launch of the Asia Pacific Business, ICBC (Asia) has been entrusted to manage ICBC's "Going Asia Pacific" strategy, with the full support of its parent company. Through the close collaboration with ICBC and other ICBC institutions within the Asia Pacific region, ICBC (Asia) is to focus on the asset development business and participate in large scale Asia Pacific financing projects; implementing the "Belt and Road" initiative, including but not limited to M&A and loan syndications. While supporting customers "Going-Global," ICBC (Asia) aims to advance ICBC's business development in the Asia Pacific region, and ultimately become the flagship of ICBC's Asia Pacific business operations. The Asia Pacific Business covers more than 20 countries and regions, including United Arab Emirates, Qatar, Kazakhstan, Kuwait, Myanmar, Australia, Indonesia, Japan, Pakistan, Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam, and the Far East areas of Russia.

Mr. Jiang Jianqing, Chairman of ICBC said during the official launch of its Asia Pacific Business: "Hong Kong has built a solid reputation as a major international financial hub and remains the world's largest offshore Renminbi trading centre. It possesses a unique position that offers functional as well as location advantages; and serves as an important port for Chinese companies to embark on 'Going-Global.' With the formulation and implementation of national strategies including 'Belt and Road' initiative, internationalisation of the Renminbi, the establishment and operation of the 'Silk Road Fund' and 'Asian Infrastructure Investment Bank,' the economy of China is set to play an even more significant role to become more fully integrated into the globe. This provides highly favourable conditions and enormous scope for the international development of Chinese enterprises, including ICBC. We appreciate Hong Kong's distinctive advantages and attach great attention to the strategic role of Hong Kong and our institutions in Hong Kong during the Group's internationalised development. In the coming future, ICBC will continue to maintain its strategic pillar in Hong Kong, with the strong support from ICBC (Asia), to integrate the resources in the Asia Pacific Region, optimise regional cooperation, and ultimately sustain and enhance its operational strengths across the Asia Pacific region."

Mr. Chen Aiping, Chairman and Executive Director of ICBC (Asia), added: "Our parent company, ICBC, has previously affirmed ICBC (Asia) as the Group's offshore Renminbi trading center. Today, we are again acknowledged and supported by our parent company, to establish the Asia-Pacific Business Department specifically responsible for coordinating the development of the Group's related business in Asia, Australia and New Zealand. This fully reflects the assurances and expectations from the parent company on us for the development of overseas markets, especially in the Asia Pacific region. To achieve our goals, ICBC (Asia) will fully leverage on the competitive edge of Hong Kong as an international financial hub and the functional advantages as the overseas banking business flagship of ICBC, to implement and to realise the strategic cross-region management of 'Going Asia Pacific' strategy, striving to create new profit drivers for the Group and us."

Being the overseas banking business flagship of ICBC, ICBC (Asia) has comprehensive business categories and products that offer with strong asset reclassification and transfer capabilities, and thus has accumulated extensive experience in cross-regional business over the years. With the support of the parent company, ICBC (Asia) will be responsible for strengthening strategic collaboration for its aim in "Going Asia Pacific." In specifically establishing an Asia-Pacific Business Department, it will implement the strategic cross-region management strategy of "Going Asia Pacific," and oversee the development and coordination of businesses related to the "Belt and Road" initiative in Asia, Australia and New Zealand. In addition, ICBC (Asia) will place equal emphasis on the strategy of "Based in Hong Kong, Backed by the Mainland, Going Asia Pacific," by expediting business transformation and innovation in providing all-rounded quality financial products and services to customers in Hong Kong, across the border and along the "Belt and Road" regions. By following this strategic direction, ICBC (Asia) will strive to create new profit drivers for the Group and its own.

Photo Captions:

Photo 1: Mr. Jiang Jianqing, Chairman of ICBC announced the official launch of its Asia Pacific Business
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Photo 2: ICBC and ICBC (Asia)'s managements, together with the four strategic partners hosted the toasting ceremony
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Photo 3: Mr. Jiang Yisheng, Chief Executive Officer of ICBC (Asia) (Centre) signed strategic cooperative agreements with Mr. Zhu Bingqing, Representative from State Development and Investment Corporation (Right) and Mr. He Lian Mingli, Representative from China XD Group Corporation (Left), respectively
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Photo 4: Mr. Jiang Yisheng, Chief Executive Officer of ICBC (Asia) (Centre) signed strategic cooperative agreements with Mr. Lv Bole, Representative from China Reform Holdings Corporation (Right) and Mr. Wang Haitao, Representative from PowerChina International Group Limited (Left), respectively
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About Industrial and Commercial Bank of China (Asia) Limited
Industrial and Commercial Bank of China (Asia) Limited ("ICBC (Asia)") is a licensed bank incorporated in Hong Kong. It has 59 branches, 27 "Elite Club" Wealth Management Centres and 3 commercial business centres in Hong Kong. It is principally engaged in banking, financial and other finance-related services with a focus on retail and commercial banking as well as corporate banking business. The total assets of ICBC (Asia) amounted to HK$712.1 billion at the end of June 2015, and its after-tax net profit reached HK$3.081 billion in the first half of 2015. Chinese Mercantile Bank and ICBC (Asia) Investment Management Company Limited, two wholly-owned subsidiaries of ICBC (Asia), are specialized in RMB services in Mainland China and the investment management business with a focus on Asia respectively. ICBC (Asia) is the flagship of overseas banking business of Industrial and Commercial Bank of China Limited ("ICBC") -- currently the largest commercial bank in China.

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