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Last $0.87 USD
Change Today -0.02 / -2.25%
Volume 17.2K
IDCBF On Other Exchanges
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As of 8:10 PM 05/28/15 All times are local (Market data is delayed by at least 15 minutes).

ind & comm bk of china-h (IDCBF) Key Developments

ICBC Launches Operation in Turkey

ICBC Bank has announced that it has launched operations in Turkey. Industrial and Commercial Bank of China Limited (ICBC) launched its operation after acquiring a 75.5% stake in Tekstilbank from Turkish GSD Holding. The bank has become the first business institution operated in Turkey by a Chinese bank. The bank announced, 'The acquisition of Tekstilbank further complements ICBC's international footprint. The transaction will also enhance ICBC's service capability for customers from both countries, thereby promoting local economic development. ICBC has established a global network of approximately 400 overseas institutions providing superior services to 42 countries and regions. In addition, ICBC has coverage of 20 African countries through its 20% strategic equity investment in Standard Bank of South Africa.

HSBC Holdings Reportedly Mulls Sale of Brazilian Unit

HSBC Holdings plc (LSE:HSBA) reportedly will probably select a preferred bidder for its unprofitable Brazilian unit as early as mid-June in a sale that may raise about $4 billion, said two people with knowledge of the plan. Banks interested in the operation include Brazil’s Banco Bradesco S.A. (BOVESPA:BBDC4) and BTG Pactual Group, Spain’s Banco Santander (Brasil) S.A. (BOVESPA:SANB4)and The Bank of Nova Scotia (TSX:BNS) from Canada, said the people, who asked not to be identified because the details are private. Industrial and Commercial Bank of China Limited (SEHK:1398) and China Construction Bank Corporation (SEHK:939) are also assessing the deal, one person said. “We have the obligation to look at it, because it is a very important transaction for the Brazilian financial system, but honestly, we are very happy with the platform we have,” said Joao Dantas, head of investor relations for Banco BTG Pactual. “We have about 3,500 employees and HSBC has more than 20,000 workers and the retail business is not our priority,” said Joao Dantas. Goldman Sachs Group Inc. is managing the sale, the people said. Officials at HSBC, Goldman Sachs, Santander, Bank of Nova Scotia, Bradesco and ICBC declined to comment.

Industrial and Commercial Bank of China Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015

Industrial and Commercial Bank of China announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported net profit grew 1.36% year on year to RMB 74.46 billion against RMB 73,461 million a year ago. Basic and diluted earnings per share were at RMB 0.21, which remained unchanged as compared to it realized in the same period of last year. Operation revenue gained 5.70% than a year earlier to RMB 165.81 billion. The company realized RMB 125.28 billion in net interest income against RMB 115,825 million ayear ago, up 8.17% year on year, while net fee and commission income edged down 1.25% year on year to RMB 37.21 billion in the period. Operating income was RMB 165,808 million against RMB 156,863 million a year ago. Weighted average return on net assets was 19.35%. Return on weighted average equity was 19.35% against 22.27% a year ago. Net profit attributable to equity holders of the parent company was RMB 74,324 million against RMB 73,302 million a year ago. Net cash flows from operating activities was RMB 518,295 million against RMB 247,991 million a year ago. Operating profit was RMB 96,148 million against RMB 95,159 million a year ago. Profit before taxation was RMB 97,019 million against RMB 95,657 million a year ago. Purchases of property and equipment and other assets was RMB 3,460 million against RMB 7,771 million a year ago.

Industrial and Commercial Bank of China Limited Announces Board Changes

Industrial and Commercial Bank of China Limited announced that, Mr. Liu Lixian, an executive director of the Board, has retired from office recently for the reason of his age. To ensure the smooth operation of the Board, it was resolved at the meeting of the Board held on 29 April 2015 that Mr. Wang Xiquan be nominated as a candidate of executive director of the Bank. As the term of office of Mr. Or Ching Fai, an independent non- executive director of the Bank, will expire in May 2015, it was resolved at the meeting of the Board held on 29 April 2015 that Mr. Or Ching Fai be nominated as a candidate for re-election as an independent non-executive director of the Bank. The appointment of Mr. Wang Xiquan is subject to the consideration and approval at the shareholders' general meeting of the Bank, and subject to the approval by the China Banking Regulatory Commission (the "CBRC"). His term of office as executive director of the Bank will commence on the date when the approval from the CBRC is obtained. The appointment of Mr. Or Ching Fai as an independent non-executive director is subject to the consideration and approval at the shareholders' general meeting of the Bank. His new term of office as independent non- executive director of the Bank will commence on the date when the approval from the shareholders' general meeting of the Bank is obtained. Mr. Wang Xiquan has served as Vice President of Industrial and Commercial Bank of China Limited since September 2012. He joined ICBC in 1985, and served as a member of the senior management of Industrial and Commercial Bank of China Limited since April 2010. He previously served as Head of Yangquan Branch in Shanxi Province, Deputy Head of Hebei Branch, General Manager of the Asset Risk Management Department, Director-General of the Internal Audit Bureau and General Manager of the Human Resources Department of the Head Office. Mr. Or Ching Fai has served as an Independent Non-executive Director of Industrial and Commercial Bank of China Limited since May 2012. Mr. Or Ching Fai was the General Manager and a Director of The Hongkong and Shanghai Banking Corporation Limited, the Chairman of HSBC Insurance Limited, the Chief Executive and Vice Chairman of Hang Seng Bank Limited, the Chairman of Hang Seng Insurance Company Limited and Hang Seng Bank (China) Limited, a Director of Cathay Pacific Airways Limited and a Director of Hutchison Whampoa Limited. Mr. Or Ching Fai was the Chairman of the Hong Kong Association of Banks, the Vice President and Council Member of the Hong Kong Institute of Bankers, the Chairman of the Financial Services Advisory Committee and a member of the Services Promotion Programme Committee of the Hong Kong Trade Development Council, a member of the Risk Management Committee of the Hong Kong Exchanges and Clearing Limited, a member of the Aviation Development Advisory Committee, the Chairman of Executive and Campaign Committee of the Community Chest of Hong Kong, the Vice Chairman of the Council of City University of Hong Kong, a Council Member of The University of Hong Kong, an Adviser of the Employers' Federation of Hong Kong. Mr. Or Ching Fai is currently the Chairman, Chief Executive Officer and an Executive Director of China Strategic Holdings Limited, the Chairman and an Independent Non-executive Director of Esprit Holdings Limited, a Vice Chairman and an Independent Non-executive Director of G-Resources Group Limited, an Independent Non-executive Director of Chow Tai Fook Jewellery Group Limited and Television Broadcasts Limited, a Vice Patron of the Board of the Community Chest of Hong Kong.

Industrial and Commercial Bank of China Limited Announces Board Changes

The board of directors of Industrial and Commercial Bank of China Limited announced that the Bank has recently received the China Banking Regulatory Commission's approval in relation to the qualification of Anthony Francis Neoh of Industrial and Commercial Bank of China. The qualification of Mr. Anthony Francis Neoh as an independent non-executive director of the Bank has been approved by the China Banking Regulatory Commission. Pursuant to the laws and regulations and the relevant provisions of the articles of association of the Bank, Mr. Wong Kwong Shing, Frank has ceased to act as an independent non-executive director of the Bank as well as member of the relevant special committees of the Board due to expiration of his term of office.

 

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