Hong Kong, August 8, 2006 - ICBC (Asia) today unveiled its new Central Branch at 1/F, 9 Queen's Road Central, Hong Kong. After moving from Pottinger Street to its new 12,000 sq. ft. premises, the expanded Central Branch will become the Bank's flagship branch. This is also ICBC (Asia)'s seventh relocated branch in the retail network optimization programme, following similar enhancements to the Yaumatei, Tsimshatsui East, Shamshuipo, Sheung Wan, Causeway Bay and North Point branches.
The Central Branch is a key component as the flagship in ICBC (Asia)'s strategy of driving steady growth in its retail banking segment, and is a major step towards the Bank's target of 50 branches within the next five years. The Bank is also leveraging its strengths in corporate and SME banking to the further development of the retail business with an enhanced branch network. Offering a spacious environment, the well-appointed new branch enables the customers to enjoy a comprehensive array of banking services in ease and comfort.
Dr. Jiang Jianqing, Chairman of Industrial and Commercial Bank of China ("ICBC") and Chairman of ICBC (Asia) officiated the Grand Opening of Central Branch. He was joined by the other directors including ICBC (Asia) Vice Chairman Ms. Wang Lili, Managing Director & Chief Executive Officer Mr. Zhu Qi, Non-executive Director Mr. Chen Aiping, Director and Deputy General Manager Mr. Stanley Wong, Director & Deputy General Manager Mr. Zhang Yi, Non-executive Director Mr. Damis Jacobus Ziengs, and Independent Non-executive Directors Prof. Richard Wong, Mr. Alec Tsui and Mr. George Yuen. A cocktail reception was held after the ceremony.
A highlight of the Grand Opening is the premiere of a new promotion animation on five large screens mounted on the branch's wall facing Des Voeux Road Central. In addition to promoting the Bank's products and services, the screens also serve as an electronic information board providing real-time financial data for customers and passers-by. Located in a Grade-A office in the financial hub of Hong Kong, the Central Branch is the Bank's largest outlet and one of its major investments. In addition to a full range of retail banking services, the branch comes complete with a wealth management centre providing exclusive banking services to privileged customers. The experienced relationship managers provide the privileged customers with financial services tailored to their individual needs. An investment services sector is also established to offer real-time securities quotation and trading services.
Mr. Zhu Qi, Managing Director & Chief Executive Officer of ICBC (Asia) noted: "With the active development of our retail banking business following our acquisition of the Belgian Bank, the Central Branch will serve as our flagship branch in preparation for the rollout of wealth management services serving affluent customers from Mainland China in order to take advantage of China's policy to open its retail banking sector. The branch will also cater to the special financial needs of our local customers."
Mr. Zhu added: "With the continued deregulation of financial markets in Mainland China, ICBC (Asia) has been leveraging its market niche by collaborating with our parent company ICBC in expanding RMB and Mainland-related businesses. Our comprehensive services, which are more favourable than many other local banks, include the unique "Phone Banking Roaming Services" and "Remittance Express". In March this year, we also completed the acquisition of the credit card business from ICBC, Hong Kong Branch. This enabled us to achieve synergies across our credit card and RMB services, and broadened the scope of our businesses."
ICBC (Asia)'s parent company ICBC is among the first Mainland banks authorized by the China Banking Regulatory Commission to offer offshore wealth management products and launched such services at the end of July. ICBC (Asia) will tap this market opening with cooperation with ICBC branches to offer a diversified array of banking services for both Mainland and local customers.
To strengthen its Mainland niche, ICBC (Asia) has introduced a package of RMB and Mainland-related services with a mission of being "Comprehensive, Unique and Competitive". This is one of the Bank's new initiatives in offering its customers exclusive, value-added RMB and Mainland-related services. The Bank is also constantly working on other service innovations to better serve customer requirements.
About ICBC (Asia)
ICBC (Asia) is a full licensed bank incorporated in Hong Kong with its shares listed on The Stock Exchange of Hong Kong (Stock Code: 349). It has 38 branches, 5 dedicated commercial business centres and an investment service centre in Hong Kong. It is principally engaged in banking, financial and other financial related services with focus on retail banking, commercial banking as well as corporate banking business. Being the flagship of Hong Kong banking business of Industrial and Commercial Bank of China, the largest commercial bank in the Mainland China (in terms of total assets), ICBC (Asia) is currently the sixth largest bank (in terms of total assets) among banks listed in Hong Kong. On 23 November 2005, ICBC (Asia) was assigned A2/Prime-1 long-term/short-term deposit ratings and D+ Bank Financial Strength Rating (BFSR) by Moody's Investors Service.
For further information, please contact:
ICBC (Asia)
Hilda Chow
Tel: (852) 3510 8386