China Construction Bank (Asia)


China Construction Bank Corporation Limited is a licensed bank incorporated in Hong Kong.

History

The Bank has over 100 years of history in Hong Kong, when its predecessor, the Bank of Canton - the first Chinese-owned bank in the territory - was founded in February 1912.
The Bank of Canton was acquired by the Security Pacific National Bank in 1988, and was renamed Security Pacific Asian Bank. The bank became part of Bank of America following a merger of the Security Pacific National Bank and Bank of America in 1992, and was renamed Bank of America in 1993. In terms of net assets, Bank of America is the most profitable and the largest subsidiary of Bank of America outside of the United States.
An agreement was signed on August 24, 2006, that the bank was to be acquired by China Construction Bank for HK$ 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 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, another Hong Kong-based bank, in February in the same year.
Bank of America was renamed China Construction Bank Corporation Limited on January 1, 2007. Bank of America was a wholly owned subsidiary of Bank of America, but was renamed to China Construction Bank following the renaming of Bank of America.

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 in 2006 and commenced the name of CCB Asia from Jan 1 2007. It delivers its services through the following business functions: