Industrial and Commercial Bank of China (Asia)

The Industrial and Commercial Bank of China (Asia) Limited, abbreviated as ICBC (Asia), is a licensed bank headquartered in Hong Kong. It serves as a subsidiary of the Industrial and Commercial Bank of China, one of the world’s largest banks.

History

1. 1964 – 1973:
   • Founded as the Union Bank of Hong Kong in 1964.
   • Listed on the Hong Kong Stock Exchange in 1973.
2. 2000 – 2001:
   • 2000: The Industrial and Commercial Bank of China (ICBC) acquired Union Bank of Hong Kong.
   • 2001: Union Bank of Hong Kong was rebranded as ICBC (Asia) after the acquisition.
3. 2004:
   • Acquired Fortis Bank Asia HK’s retail banking operations from Fortis.
   • Fortis Bank Asia reverted to its previous name, Belgian Bank, and became a subsidiary of ICBC (Asia).
4. 2005:
   • All Belgian Bank branches were rebranded under the ICBC (Asia) name.
   • The merger helped ICBC (Asia) rise to the position of the sixth largest bank listed on the Hong Kong Stock Exchange, from its former rank of tenth.
5. 2010:
   • Received shareholder approval to take the Hong Kong unit private in November.
   • Delisted from the Hong Kong Stock Exchange in December.

Key Developments

• The bank’s acquisition of Union Bank of Hong Kong and subsequent retail banking businesses from Fortis Bank Asia helped establish ICBC (Asia) as a prominent financial institution in Hong Kong.
• The consistent rebranding and strategic acquisitions expanded ICBC (Asia)’s market presence and reinforced the influence of its parent company, ICBC.