Beijing/Hong Kong, January 23, 2011 - Industrial and Commercial Bank of China Limited ("ICBC") and The Bank of East Asia Limited ("BEA") jointly announced that the two banks have reached agreement on the sale and purchase of The Bank of East Asia (U.S.A) N.A. ("BEA USA"). The Share Sale Agreement was signed in Chicago on January 21, 2011 (U.S. Central time).

Pursuant to the Agreement, ICBC will acquire 80% interest in BEA USA from BEA for a total consideration of approximately USD 140 million. BEA will retain the remaining 20% shares of BEA USA. Upon completion of the transaction, BEA will have the put option to sell its remaining shares to ICBC in accordance with the terms and dates specified in the Agreement. Both banks are seeking regulatory approval for the transaction. Once the transaction has been completed, ICBC will be responsible for the operation and management of BEA USA.

"The conclusion of the agreement is a win-win scenario for both parties" said ICBC Chairman Jiang Jianqing. "ICBC's acquisition of an 80% interest in BEA USA will enable us to obtain a commercial bank licence and fill the gap of ICBC retail banking in the United States. ICBC can further expand its subsidiary and business network in USA, and ultimately enhance the business strength of ICBC's US subsidiary."

"This unprecedented acquisition of a controlling stake in a U.S. commercial bank by a Chinese bank is strategically significant", added Chairman Jiang Jianqing. "The successful conclusion of this transaction not only lays a solid foundation for Chinese banks to improve its services in the U.S., but important for China and US to engage further opening of financial business on an equal basis, and have a positive impact on the Sino-US trade relations."

Dr. David K. P. Li, Chairman & Chief Executive of BEA, said: "Our Bank is confident that the transaction will further optimize the allocation of our resources and strengthen our financial services in the major markets where we operate. BEA and ICBC share a strong business relationship, and together we will continue to develop our strategic partnership for the benefit of our customers around the world."

Dr.Li continued: "BEA will fully support and cooperate with ICBC in obtaining regulatory approval in the U.S. and will ensure the smooth transition of BEA USA to ICBC."
 
Successful completion of the transaction is subject to approval from the China Banking Regulatory Commission, the Hong Kong Monetary Authority, and U.S. Federal Reserve Board.

About The Bank of East Asia (U.S.A.) N.A.

BEA USA is wholly-owned by BEA through the East Asia Holding Company, Inc., a U.S. company which is 100% owned by BEA. New York-headquartered BEA USA was established in 2001 following the acquisition of Grand National Bank in California, U.S. Its network was further expanded with the acquisition of National American Bank in San Francisco, California in May 2006. Today, BEA USA operates 13 branches in New York and California (Los Angeles and San Francisco). It holds a commercial bank licence in the U.S. and offers conventional banking services including retail banking, commercial banking, and trade finance. As of September 30, 2010, BEA USA's total assets reached USD 717 million.

About Industrial and Commercial Bank of China Limited

ICBC is the largest commercial bank in China by asset scale, and is the largest bank in the world in terms of total market capitalization, customer deposits, and profitability. ICBC provides extensive commercial banking services to corporate and individual customers. It is also a market leader in corporate and individual loans, deposits, mortgages, online banking, custody services, and interbank settlement. ICBC currently operates around 16,000 outlets in Mainland China, as well as nearly 200 overseas subsidiaries in 28 countries and regions. ICBC holds agency relationships with more than 1,500 banks globally. For more information on ICBC, please visit www.icbc.com.cn.

About The Bank of East Asia

Incorporated in Hong Kong in 1918, BEA is dedicated to providing comprehensive retail banking, commercial banking, wealth management, and investment services to its customers in Hong Kong and other major markets around the world. BEA is the largest independent local bank in Hong Kong, with total consolidated assets of HKD 478.1 billion (USD 61.4 billion) as of June 30, 2010. The Bank is listed on The Stock Exchange of Hong Kong Ltd. and is one of the constituent stocks of the Hang Seng Index.

With over 200 outlets worldwide, BEA operates an extensive international network covering Hong Kong and other parts of Greater China, North America, the United Kingdom, and Southeast Asia. For more information on BEA, please visit any BEA branch or the Bank's website at www.hkbea.com.