By the end of August 31, 2007, ICBC had broke through the RMB 1 trillion mark by adding RMB 623.5 billion of custodian assets to a record of RMB 1.0868 trillion, when compared to the beginning of this year. The growth makes ICBC become the first mainland commercial bank with more than RMB one trillion of custodian assets.
Back in 1998, ICBC is the earliest in China to start custodian services for domestic securities investment fund. Riding with the tide of the opening of China capital market, there is a tremendous growth of assets under ICBC custody ever since. Starting with RMB six billion in 1998, ICBC manages to keep over 80% growth rate each year. In particular, scale of ICBC custodian assets have tipped 200% growth since 2003, going from RMB 50 billion, RMB 100 billion, RMB 200 billion to RMB 400 billion, and reaches RMB one trillion in only eight months during 2007.
In recent years, ICBC attaches great importance on customers. ICBC occupies over 30% of market share in domestic fund custody amid the fierce competition. ICBC is at the top end of the custodian market for insurance assets, corporate annuity fund custody and QDII. ICBC responds rapidly through innovation by snapping up all the innovative financial products available in China market under custody in order to maximize the return to customers.
In the field of risk control, ICBC keeps an impressive record of zero-error operation for nine years. ICBC is the first custodian bank in China certified with SAS70 accreditation. This is a clear indication that ICBC custodian service has gained full recognition from international organization in the operation flow of its risk management and the robustness and effectiveness of its internal control.
Meanwhile, ICBC spreads its wings across the border to offer custodian services for the first QDII product from fund house, insurance company and the bank. ICBC global custody network is the best-of-breed among the peers.
ICBC won numerous international accolades for its distinguished custodian services: "The Best Sub-custodian Banks in China" from Asiamoney and Global Custodian in 2004, "The Best Sub-custodian Banks in China" from Global Custodian and The Asset in 2005, and again "The Best Sub-custodian Banks in China" from The Asset and Global Finance in 2006. ICBC is now the custodian bank in China receiving the most awards, being named as "The Best Sub-custodian Banks in China" by six flagship financial publications around the world for consecutive 3 years.
