ICBC Asia & Belgian Bank Merger - Combination of Strength for Business Development

Recently, ICBC (Asia) announced the merger procedures with Belgian Bank are fully completed, including legal formalities, operations and integration of information system. Belgian Bank is now officially merged into ICBC (Asia), with name officially changed to "ICBC (Asia) Co., Ltd".

Leveraging ICBC's market leadership in China, ICBC (Asia) establish even closer contacts with domestic quality corporate. It will help corporate to develop business or financing in Hong Kong, to build business communications channels between Mainland and Hong Kong. In 2004, ICBC (Asia) acquired HuaShang Bank from its parent Bank to actively explore Mainland market, laying the ground for RMB business.

Further, after merging with Belgian Bank, ICBC (Asia) step out of Hong Kong to explore opportunities in Europe through Belgian Bank's network in Europe. Market is then extended to three regions of Hong Kong, China and Europe. By taking advantages of the success merger with Belgian Bank, added the high-speed growth in China economy and an aim to develop across the globe, ICBC (Asia) will be dedicated to offer even more excellent, more diversified cross-regional financial products and services to all customers.

After the merger and unified naming, number of branch in ICBC (Asia) network increased from 20 to 42 with 5 Commercial Centers for small-and-medium enterprises newly included. Service scope is widened with e-finance, phone-finance and ATM services upgraded. Relevant service hotlines of phone-finance have been combined into 1 dedicated number: 218 95588.

This special hotline can also work with parent Bank's network. Customer when in China only needs to dial 95588 to use HK phone service through directly connected to HK service line. No long-distance call fee is charged. ICBC (Asia) is dedicated to offer retail customers much convenient, much efficient banking service in order to start the overall development of retail banking services.

ICBC (Asia) ranked the 6th in Hong Kong Listed Banks in terms of total assets, which stood at more than 107 million HKD. Capital adequacy ratio is 16% approximately. Number of employee exceeds 1,300. ICBC (Asia) boasts an array of even comprehensive and complete retail and commercial banking services. ICBC (Asia) will explore new business areas through optimized services structure to strive for better return for shareholders. After the merger, it is expected to save and lessen operation costs under coordinated efforts such that cost-income ratio will be gradually decreased.

Mr Zhu Qi, President of ICBC (Asia), commented "Since ICBC acquired Union Bank in 2000 and changed the name to ICBC (Asia) thereafter, ICBC (Asia) has laid a solid foundation in Hong Kong within just a short period of 4 years. Combined Belgian Bank's strength in retail banking and small-and-medium enterprises services as well as its European network, this time ICBC (Asia) can eventually score its competitiveness and position amongst customers in China, Hong Kong and Europe to explore various business opportunities. We are fully optimistic about ICBC (Asia) future development."