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Assets under ICBC Custody Quadruple in the Past Five Years

Since the 18th National Congress of Communist Party of China (NCCPC), with stable increase in income of urban and rural residents and rapid growth of the assets management industry, commercial banks have seen significant improvement in assets custody business. As of the end of the first half of 2017, as the largest custodian bank in China, ICBC has held assets worth RMB 14.5 trillion under custody. Assets under ICBC custody have quadrupled in the past five years, breaking through RMB 1 trillion to RMB10 trillion.

An official from ICBC explained that over the past five years, the Bank had leveraged strength in international and integrated operation, followed market demands and comprehensively improved service capacity, building up an improved assets custody product and service system. As of the end of the first half this year, ICBC has maintained a leading position in major areas of custodian products such as securities investment fund, insurance, wealth management, corporate annuity, fund separate accounts and global assets custody. ICBC has now custodian assets of RMB 1.6 trillion, insurance assets of RMB 3.9 trillion, fund separate account assets of RMB 1.8 trillion, and bank-financing custodian assets of RMB 3.4 trillion.

Over the past five years, ICBC has continued to expand custody business and taken the lead to provide value-added custody services such as performance evaluation and risk management, which has boosted quality of the Bank’s custody service capacity. ICBC has actively responded to customers’ new demand and promoted emerging businesses such as wealth management service and asset custody outsourcing service. ICBC has successfully held into custody the first mixed-ownership-reform themed fund, the NEEQ fund, the publicly offered fund invested in the Hong Kong market via the Shanghai-Hong Kong Stock Connect, the acquisition & merger themed fund, and the first equity investment in pension products.

In terms of custody system development, ICBC persists in independent research and development. ICBC has upgraded the custody system for six times since launching custodian business 19 years ago, maintaining a leading position in the industry. Currently, the new generation of custody system has been developed, with the new custody system adopting mainstream distributed computing technology and generating considerable improvement in system processing efficiency, customer experience, as well as risk management and control. The new custody system will provide stable technological support in custody service capacity enhancement and rapid growth of custody business.

In addition, ICBC has gradually improved its custody service network and established a service network that goes from the Head Office to the nationwide, from local to global custody service, strenthening the Bank’s custody service capacity. Currently all tier-1 branches and branches directly controlled by ICBC are licensed to carry out custody business, forming a network of domestic custody business. Moreover, ICBC has adhered to globalized thinking and vision to build a global custody service network by developing a complete global custody product line, and establishing close business ties with approximately 120 overseas assets management institutions. Up to now, ICBC has held global assets of over RMB 200 billion in custody, ranking 1st among Chinese banks.