ind & comm bk of-unspon adr (IDCBY) Key Developments
Industrial And Commercial Bank of China Plans To Acquire Stake in Sinopac
Oct 6 15
Industrial And Commercial Bank of China Limited (SEHK:1398) is planning to acquire 20% stake Sinopac Financial Holdings Company Limited (TSEC:2890).
Desarrollo y Redes Reportedly Eyeing Banco Paris
Sep 24 15
Desarrollo y Redes intends to acquire Banco Paris S.A. from Cencosud S.A. (SNSE:CENCOSUD), daily Diario Financiero (DF) reported. Desarrollo y Redes has asked for an extension of the due diligence process and is carefully evaluating Banco Paris´s numbers, especially the mortgage portfolio, the report stated citing Vicente Caruz, one of the founding partners of the company. The due diligence process has been extended from two weeks to 60 days, and if it is successfully completed Desarrollo y Redes may launch an offer at the end of October 2015. Bidders eyeing Banco Paris has reduced two from four, Desarrollo y Redes and Industrial and Commercial Bank of China Limited (SEHK:1398), the report stated.
Industrial & Commercial Bank of China to Open First Northwest Branch in Seattle
Sep 23 15
The Industrial and Commercial Bank of China this week announced plans to open its first northwest office in Seattle. ICBC is finalizing lease negotiations for an approximately 6,000-square-foot branch in downtown Seattle. The branch will start with 10 employees and grow with a target opening data in November.
Central Bank Appoints ICBC as Argentina RMB Clearing Bank
Sep 21 15
China's central bank has appointed Industrial and Commercial Bank of China as the renminbi clearing bank for Argentina. The two countries have signed an agreement for the establishment of a local renminbi clearing house.
Standard Bank Enters into Trilateral Business Cooperation Agreement with Woori Bank and the Industrial and Commercial Bank of China
Sep 15 15
Standard Bank has announced that it has entered into a trilateral business cooperation. The bank said that it has signed a trilateral business cooperation agreement with Woori Bank and the Industrial and Commercial Bank of China (ICBC). The deal is intended help to promote mutual cooperation to expand business in Africa. The three banks will be able to take advantage of the various business opportunities and provide excellent financial services to Korean and Chinese corporations investing in Africa through mutual cooperation in the potentially fast-growing African region. In addition, using the Korean Desk in South Africa as a foothold, Woori Bank will be able to provide customised financial solutions for Korean and Chinese corporations that have already entered or are preparing to enter the African market.