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  Home Page > Corporate Banking >Assets Custody Business >Custody Service for National Social Security Fund
Custody Service for National Social Security Fund
 

I. Product Overview
Custody service for national social security fund refers to the financial service that ICBC, as entrusted by National Council for Social Security Fund, provides safe custody service for national social security fund assets, performs supervisory obligations and conducts investment management performance assessment.
National social security fund is the centralized national strategic reserve fund of the Central Government, which consists of the funds appropriated from the Central Government, funds and equity assets derived from reduction or conversion of state-owned shares, funds raised in other ways as approved by the State Council and related return on investment. The introduction of custody mechanism contributes to the improvement of operational management mechanism for national social security fund, sharing of comparative advantages of banking sector in professional custody service and steady development of national social security fund.

II. Target Customers
National Council for Social Security Fund.

III. Scope of Services
i. Basic services
Asset custody, clearing, accounting, asset valuation, investment monitoring, and custody report.
ii. Value-added services
Performance evaluation, bond trading service, electronic banking service, customised NSSF report, relevant information, and abnormity monitoring.

IV. Advantages
i. The earliest approved bank, with rich business experience
In December 2001, ICBC started to provide custody service for social security fund under the approval of the People’s Bank of China, including custody service for national social security fund and other types of social security funds. In the first half of 2007, ICBC received the on-site and off-site investigations conducted by National Council for Social Security Fund, and in the same year, it became the third custodian bank of the latter.
ii. Leading technological level, with a powerful custody system.
The integrated processing system for asset custody service independently developed by ICBC won the “scientific and technological progress prize” awarded by the People's Bank of China respectively in 2004 and 2005. And the system is the only one which can check with and complementary to the investment manager system in the country.
iii. Services provided by professional team, with timely response to service requests
The Asset Custody Department of ICBC has established a specialized custody service team, to timely meet the custody service requirements proposed by National Council for Social Security Fund for ICBC. By virtue of quick response, the team can propose solutions in a fast manner and provide national Council for Social Security Fund with efficient and accurate custody services.

V. Contact Information
The Entrusted Asset Division I of Asset Custody Department under the Head Office of ICBC:
Contact person(s): Feng Kunwei and Zhang Yingbo
Tel: (8610)66105656/66105774
Fax: (8610)66105769
E-MAIL: kunwei.feng@icbc.com.cn, zhangyingbo@icbc.com.cn


(2016-04-28)
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