Industrial and Commercial Bank of China (ICBC) has established ICBC (Macau) in Macau following the merger of two previous banking institutions in Macau, the ICBC Macau branch and Seng Heng Bank.
Reportedly, the new ICBC (Macau) holds the full banking license issued by the Monetary Authority of Macau, and holds 14 branches, 3 sub-companies with over 500 employees and total assets of approximately 50 billion MOP. As for the incorporation, ICBC has transferred all its Macau branch’s assets, liabilities and rights and obligations of all business to Seng Heng Bank, changed its name into ICBC (Macau), and holds 89.331% of the new bank’s shares.
The bank said that ICBC (Macau) offers financial services such as savings and deposit, personal check, payroll payment, agent mass utilities collection, agent social security collection, credit card, to services of tertiary education loan, auto loan, housing mortgage loan, and to services of securities, funds, insurance and wealth management, including personal development and properties, and to the services of citizens’ investment and financing.
The bank claimed that the overseas core business platform FOVA has been put into production in Seng Heng, which enables Seng Heng for automation and modernization of all its business processing, and as well propels all its business and management to integrate into the overall system of the ICBC Group.
Jiang Jianqing, president of ICBC, siad that ICBC will fully support the development of ICBC (Macau). He added that, relying on ICBC’s advantages in network, brand, finance and technology and its own geological effect in Macau, ICBC (Macau) will try to become the financial bridge that connects Macau with the mainland, Hong Kong and the world.
