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New ICBC funds unit with CSFB, COSCO
(Shenzhen Daily/Agencies)
Updated: 2005-05-13 14:35

The Industrial and Commercial Bank of China (ICBC) was in final stages of setting up a fund management unit with Credit Suisse First Boston (CSFB) and the China Ocean Shipping (Group) Company (COSCO), the China Securities Journal reported.

Citing Yang Kaisheng, deputy president of the ICBC, the newspaper said the bank would finance more than 50 percent of the total 200 million yuan (US$24.16 million) capital of the new subsidiary, while the CSFB will hold a 25 percent stake and COSCO will provide the remaining funds.

The China Securities Regulatory Commission (CSRC) was currently reviewing their application, Yang said.

The ICBC and its two partners were designing fund products for the venture, hoping to start operation after the CSRC approves their application, Yang said.

The unit would have a diversified product line with investments in the securities market, money market, fixed-income debts and other sectors, he added.

The People's Bank of China, the central bank, gave its approval to three domestic banks - the ICBC, the China Construction Bank and the Bank of Communications to set up fund management units in a trial program last month. Of the three pilot banks, the ICBC is the first to receive approval from the China Banking Regulatory Commission.

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