ICB Banking Group also referred to as Swiss Finance Lexomburg AG or ICB Financial Group, but commonly known as International Commercial Bank (ICB), is an International financial services provider based in

Schindellegi Feusisberg is a municipality in Höfe District in the canton of Schwyz in Switzerland. History Feusisberg is first mentioned in the 13th Century as ''Berg'' and ''Uffenberg''. In the 16th Century it was known as ''Fessisskilch'' and in 1590 it ...

Switzerland ). Swiss law does not designate a ''capital'' as such, but the federal parliament and government are installed in Bern, while other federal institutions, such as the federal courts, are in other cities (Bellinzona, Lausanne, Luzern, Neuchâtel ...

, with subsidiaries in

Eastern Europe Eastern Europe is a subregion of the Europe, European continent. As a largely ambiguous term, it has a wide range of geopolitical, geographical, ethnic, cultural, and socio-economic connotations. The vast majority of the region is covered by Russ ...

Africa Africa is the world's second-largest and second-most populous continent, after Asia in both cases. At about 30.3 million km2 (11.7 million square miles) including adjacent islands, it covers 6% of Earth's total surface area ...

and

Asia Asia (, ) is one of the world's most notable geographical regions, which is either considered a continent in its own right or a subcontinent of Eurasia, which shares the continental landmass of Afro-Eurasia with Africa. Asia covers an area ...

. The parent company of the group was known as ICB Financial Group Holdings AG. The company was delisted from AIM in 2012.

History

The group began banking operations in 1994 when it was granted a license to operate a bank in

Hungary Hungary ( hu, Magyarország ) is a landlocked country in Central Europe. Spanning of the Carpathian Basin, it is bordered by Slovakia to the north, Ukraine to the northeast, Romania to the east and southeast, Serbia to the south, Croatia a ...

. Since then, the ICB Banking Group has established or acquired commercial banks in Eastern Europe, Africa and Asia. As of May 2009, the group operates banks in thirteen (13) countries on three (3) continents. The group began their operations in Africa in 1996 in

Ghana Ghana (; tw, Gaana, ee, Gana), officially the Republic of Ghana, is a country in West Africa. It abuts the Gulf of Guinea and the Atlantic Ocean to the south, sharing borders with Ivory Coast in the west, Burkina Faso in the north, and To ...

and today has a presence in nine (9)

n countries. In 2003, the group entered the

n market by acquiring an indirect stake of 11.3% in ''Bank Internasional Indonesia'', one of the largest banks in

Indonesia Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania between the Indian and Pacific oceans. It consists of over 17,000 islands, including Sumatra, Java, Sulawesi, and parts of Borneo and New Guine ...

. Through subsequent acquisitions and start-ups, ICB today operates in three (3) Asian countries. In 2004, the individual ownerships of the ICB Banking Group were incorporated under the umbrella of

ICB Financial Group Holdings AG ICB Banking Group also referred to as Swiss Finance Lexomburg AG or ICB Financial Group, but commonly known as International Commercial Bank (ICB), is an International financial services provider based in Schindellegi, Switzerland, with subsidia ...

, a

Swiss Swiss may refer to: * the adjectival form of Switzerland * Swiss people Places * Swiss, Missouri * Swiss, North Carolina *Swiss, West Virginia * Swiss, Wisconsin Other uses *Swiss-system tournament, in various games and sports *Swiss Internation ...

based holding company. On 17 May 2007, ICB Financial Group Holdings AG was listed on AIM market of the

London Stock Exchange London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...

. ICB Bank Malawi was established in 2008. In 2010, ICB Banking Group disposed of its shareholding interest in ICB Islamic Bank in

Bangladesh Bangladesh (}, ), officially the People's Republic of Bangladesh, is a country in South Asia. It is the eighth-most populous country in the world, with a population exceeding 165 million people in an area of . Bangladesh is among the mos ...

, for a consideration of US$55 million in cash. Also in 2010, ICB Bank Zambia was established. In 2013, ICB sold the entirety of its

Malawi Malawi (; or aláwi Tumbuka: ''Malaŵi''), officially the Republic of Malawi, is a landlocked country in Southeastern Africa that was formerly known as Nyasaland. It is bordered by Zambia to the west, Tanzania to the north and northeast ...

an operation, and controlling stakes of its operations in

Zambia Zambia (), officially the Republic of Zambia, is a landlocked country at the crossroads of Central Africa, Central, Southern Africa, Southern and East Africa, although it is typically referred to as being in Southern Africa at its most cent ...

and

Mozambique Mozambique (), officially the Republic of Mozambique ( pt, Moçambique or , ; ny, Mozambiki; sw, Msumbiji; ts, Muzambhiki), is a country located in southeastern Africa bordered by the Indian Ocean to the east, Tanzania to the north, Malawi ...

to southern African banking group FMB: ''ICB Malawi did not meet the minimum regulatory capital and other liquidity requirements, meant to safeguard customers. The motive of FMB in acquiring ICB was not because of the viability of the business in Malawi but because it was part of the transaction in the two countries where FMB would like to open its operations through the acquisition''.

External links

ICB Banking Group Homepage

References

{{DEFAULTSORT:Icb Banking Group Banks of Switzerland Banks established in 1994 Swiss companies established in 1994

History

See also

External links

References