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The bank was renamed as ICBC (Asia) after the acquisition by ICBC in July 2001. On 30 April 2004, ICBC (Asia) acquired the retail banking business (but not the wholesale banking business) of Fortis Bank Asia HK from Fortis. Fortis Bank Asia became a wholly owned subsidiary of ICBC (Asia) and reverted to its earlier name, Belgian Bank. On 10 ...
As end of 2021, ICBC shareholders included Central Huijin Investment (34.7 percent), the Chinese Ministry of Finance (31.1 percent), the National Council for Social Security Fund (3.5 percent), adding up to 69.3 percent under the ultimate control of the Ministry of Finance.
The acquisition was seen as a sign of consolidation in the industry of China where domestic companies were acquiring more control from their foreign partners over their JVs. On 16 November 2011, the deal was completed with ICBC acquiring 20% of ICBCCS from COSCO and 5% from Credit Suisse which increased ICBC's stake in ICBCCS to 80%. [1] [2] [6 ...