China Construction Bank (Asia) Corporation Limited (

Traditional Chinese A tradition is a belief or behavior (folk custom) passed down within a group or society with symbolic meaning or special significance with origins in the past. A component of cultural expressions and folklore, common examples include holidays ...

: 中國建設銀行(亞洲)股份有限公司) is a licensed bank incorporated in

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China (abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delta i ...

History

The Bank has over 100 years of history in Hong Kong, when its predecessor, the

Bank of Canton Bank of Canton () was established in 1912 in Canton but registered as a British company in Hong Kong. This made it the first Chinese-owned bank in Hong Kong. At the time, all the other banks in Hong Kong were foreign, primarily British, including ...

- the first

Chinese Chinese can refer to: * Something related to China * Chinese people, people of Chinese nationality, citizenship, and/or ethnicity **''Zhonghua minzu'', the supra-ethnic concept of the Chinese nation ** List of ethnic groups in China, people of ...

-owned bank in the territory - was founded in February 1912. The Bank of Canton was acquired by the

Security Pacific National Bank Security Pacific National Bank (SPNB) was a large U.S. bank headquartered in Los Angeles, California. It was acquired by Bank of America in 1992. History On September 1, 1868, Hellman, Temple and Co. opened their first bank branch in Lo ...

in 1988, and was renamed Security Pacific Asian Bank. The bank became part of

Bank of America The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank ...

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 China Construction Bank Corporation (CCB) is one of the " big four" banks in China. In 2015, CCB was the 2nd largest bank in the world by market capitalization and 6th largest company in the world. The bank has approximately 13,629 domestic branc ...

(CCB) for

HK$ The Hong Kong dollar (, sign: HK$; code: HKD) is the official currency of the Hong Kong Special Administrative Region. It is subdivided into 100 cents or 1000 mils. The Hong Kong Monetary Authority is the monetary authority of Hong Kong and ...

9.7 billion. 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 Asia Commercial Bank, often abbreviated to ACB, is the largest private bank in Vietnam by assets, headquartered at 442 Nguyễn Thị Minh Khai, Ward 5, District 3, Ho Chi Minh City. It was registered on 19 May 1993 and began operations in June 1 ...

, another Hong Kong-based bank, in February in the same year. Bank of America (Asia) was renamed China Construction Bank (Asia) Corporation Limited on 1 January 2007. Bank of America (Macau) was a wholly owned subsidiary of Bank of America (Asia), but was renamed to

China Construction Bank (Macau) The China Construction Bank Corporation Macau Branch () is a bank in Macau, China. It was wholly owned by China Construction Bank (Asia) , a wholly owned subsidiary of China Construction Bank, and renamed from China Construction Bank (Macau) Corp ...

following the renaming of Bank of America (Asia).

Corporate Structure

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:Company overview Retrieved 2018-05-20
/ref> *consuming banking *commercial banking *corporate banking *private banking *treasury function *cross-border financial services

References

External links

{{Commons category, China Construction Bank (Asia)
China Construction Bank (Asia) Corporation Limited website
Banks of Hong Kong Banks established in 2006 China Construction Bank

History

Corporate Structure

See also

References

External links