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China Construction Bank (Asia)
From Wikipedia, the free encyclopedia
The China Construction Bank (Asia) Corporation Limited (Traditional Chinese: 中國建設銀行(亞洲)股份有限公司) is a licensed bank incorporated in Hong Kong.
The Bank has over 90 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 (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 August 24, 2006, that the bank was to be acquired by China Construction Bank (CCB) for HK$ 9.7 billion. The deal, which is awaiting regulatory approval by the Hong Kong and mainland China regulators, and CCB shareholders in a general meeting, is expected to be completed by the end of 2006. 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, another Hong Kong-based bank, in February in the same year.
Bank of America (Asia) was renamed China Construction Bank (Asia) Corporation Limited in January 1, 2007. Besides, Bank of America (Macau) was a wholly owned subsidiary of Bank of America (Asia), it was renamed China Construction Bank (Macau) after the renaming of Bank of America (Asia).