The Bank has over 100 years of history in Hong Kong, when its predecessor, the Bank of Canton - the first Chinese-owned bank in the territory - was founded in February 1912.
The Bank of Canton was acquired by the Security Pacific National Bank in 1988, and was renamed Security Pacific Asian Bank. The bank became part of Bank of America following a merger of the Security Pacific National Bank and Bank of America in 1992, and was renamed Bank of America (Asia) in 1993. In terms of net assets, Bank of America (Asia) is the most profitable and the largest subsidiary of Bank of America outside of the United States.
An agreement was signed on 24 August 2006, that the bank was to be acquired by China Construction Bank (CCB) for HK$ 9.7 billion.[2] The deal was approved by the end of 2006 by the Hong Kong and mainland China regulators, and CCB shareholders in a general meeting. Bank of America, the parent of Bank of America (Asia) is as of 2006 a strategic investor in CCB, holding a 9% stake. The announcement was made after the CCB failed to acquire Asia Commercial Bank, another Hong Kong-based bank, in February in the same year.[3]
Bank of America (Asia) was renamed China Construction Bank (Asia) Corporation Limited on 1 January 2007.[4]Bank of America (Macau) was a wholly owned subsidiary of Bank of America (Asia), but was renamed to China Construction Bank (Macau) following the renaming of Bank of America (Asia).
Corporate Structureedit
CCB Asia is the operating arm of China Construction Bank in Hong Kong. It was created through the acquisition of Bank of America (Asia) in 2006 and commenced the name of CCB Asia from 1 January 2007. It delivers its services through the following business functions:[5]
Wikimedia Commons has media related to China Construction Bank (Asia).
China Construction Bank (Asia) Corporation Limited website
CCB to acquire Bank of America (Asia)
April 17, 2024
china, construction, bank, asia, corporation, limited, traditional, chinese, 中國建設銀行, 亞洲, 股份有限公司, licensed, bank, incorporated, hong, kong, corporation, limited, 中國建設銀行, 亞洲, 股份有限公司industryfinancial, servicesfoundedfebruary, 1912, years, 1912, headquartersccb, t. China Construction Bank Asia Corporation Limited Traditional Chinese 中國建設銀行 亞洲 股份有限公司 is a licensed bank incorporated in Hong Kong China Construction Bank Asia Corporation Limited 中國建設銀行 亞洲 股份有限公司IndustryFinancial servicesFoundedFebruary 1912 112 years ago 1912 02 HeadquartersCCB Tower 3 Connaught Road Central Central Hong KongKey peopleJIANG Xianzhou Chairman ZHANG Jun CEOOperating incomeHKD8 2 billion 2018 1 Net incomeHKD3 6 billion 2018 1 Total assetsHKD481 0 billion 2018 1 ParentChina Construction BankWebsiteasia ccb com Contents 1 History 2 Corporate Structure 3 See also 4 References 5 External linksHistory editThe Bank has over 100 years of history in Hong Kong when its predecessor the Bank of Canton the first Chinese owned bank in the territory was founded in February 1912 The Bank of Canton was acquired by the Security Pacific National Bank in 1988 and was renamed Security Pacific Asian Bank The bank became part of Bank of America following a merger of the Security Pacific National Bank and Bank of America in 1992 and was renamed Bank of America Asia in 1993 In terms of net assets Bank of America Asia is the most profitable and the largest subsidiary of Bank of America outside of the United States An agreement was signed on 24 August 2006 that the bank was to be acquired by China Construction Bank CCB for HK 9 7 billion 2 The deal was approved by the end of 2006 by the Hong Kong and mainland China regulators and CCB shareholders in a general meeting Bank of America the parent of Bank of America Asia is as of 2006 a strategic investor in CCB holding a 9 stake The announcement was made after the CCB failed to acquire Asia Commercial Bank another Hong Kong based bank in February in the same year 3 Bank of America Asia was renamed China Construction Bank Asia Corporation Limited on 1 January 2007 4 Bank of America Macau was a wholly owned subsidiary of Bank of America Asia but was renamed to China Construction Bank Macau following the renaming of Bank of America Asia Corporate Structure editCCB Asia is the operating arm of China Construction Bank in Hong Kong It was created through the acquisition of Bank of America Asia in 2006 and commenced the name of CCB Asia from 1 January 2007 It delivers its services through the following business functions 5 consuming banking commercial banking corporate banking private banking treasury function cross border financial servicesSee also edit nbsp Banks portalList of banks in Hong KongReferences edit a b c 2018 Annual Report Chinese Bank Is Buying Some Bank of America Branches NY Times 2006 08 25 Retrieved 2018 05 20 Malaysian lender wins Asia Commercial Bank SCMP 2006 02 16 Retrieved 2018 05 20 CCB acquires Bank of America Asia China Daily 2006 12 31 Retrieved 2018 05 20 Company overview Retrieved 2018 05 20External links edit nbsp Wikimedia Commons has media related to China Construction Bank Asia China Construction Bank Asia Corporation Limited website CCB to acquire Bank of America Asia Retrieved from https en wikipedia org w index php title China Construction Bank Asia amp oldid 1193972100, wikipedia, wiki, book, books, library,
