Toronto, July 6, 2010 – ICBC announced name change of its holding Bank of East Asia (Canada) to ICBC (Canada) Limited ("ICBC Canada"). ICBC Canada, now a business platform for ICBC to tap into the Canadian market, along with the New York Branch is shaping up ICBC's North American presence.

ICBC and Bank of East Asia, Limited ("BEA") reached agreement on the sale and purchase of the Bank of East Asia (Canada) on June 4. 2009. Pursuant to the agreement, ICBC acquires 70% stake in BEA's Canadian unit and control the bank, whilst BEA retains the 30% in BEA Canada. The transaction was duly completed on January 28, 2010. ICBC Canada took over the customers and businesses of the former BEA Canada. Branches of BEA Canada in Toronto and Vancouver were also merged under ICBC Canada who will continue to offer comprehensive banking products and best-quality financial services to the local client base of around 10000 retail and corporate customers. 

ICBC Chairman Jiang Jianqing noted that Canada is one of the key markets in the world and has advanced and prudent financial regulatory system. ICBC is confident in the Canadian subsidiary in the years to come. ICBC (Canada) will move forward to expand ICBC branch network in Canada after its inception. The bank will capitalize ICBC's world-leading information technology platform and electronic banking to launch the new online banking system. Another key point is the joint force of ICBC Canada with the ICBC subsidiaries across the world, especially the branches in China, to offer one-stop cross-region financial services to both the customers in Canada and China.

China and Canada lie on the two sides of the Pacific. The two economies complement each other in many areas. Since the beginning of the new century, the trade and economic relations between the two countries symbolize a new era. The two-way trade reached USD 34.52 billion in 2008, two years ahead in achieving the target of USD 30 billion set by the leaders of the two countries in September 2005. China is now Canada's second largest trading partner, third largest export market and second largest source of import. Investments in Canada from Chinese enterprises have grown rapidly in tandem to the fast-growing commodity trade between China and Canada, driving a new momentum to the robust Sino-Canada trade. ICBC, the largest commercial bank in the world by market value, profitability and customer deposits, follows the customers to "Go Global" and the strategy of global advance. The opening of ICBC Canada serves as a new bridge for the interactions between businesses and investors of the two countries. The new ICBC branch also offers assistance for the Chinese enterprises to gain foothold in Canada and vice versa for the Canadian companies to run their business smoothly in China.

Complementing to the booming trade and economic ties, statistics shows the increasing number of Chinese and Canadian visitors in the two countries. Today's Canada is home to 1.4 million overseas Chinese and has nearly 60000 Chinese students. More and more Chinese pick Canada as the tourist destination. This creates massive potential for financial services related to China and a rich opportunity for ICBC Canada. Henceforth, ICBC Canada will leverage ICBC's large global services network and advanced technological platform to bring all kinds of innovative financial products and offer comprehensive financial services to the overseas Chinese and students in Canada as well as the Chinese visitors. 

ICBC, established in January 1, 1984, is the largest commercial bank in China. With an excellent customer base, cutting-edge IT technology and diversified product portfolio, ICBC maintains market leading positions in the country in key areas. ICBC is seeing a real acceleration in its performance and profitability since its simultaneous IPO in Shanghai and Hong Kong in 2006. Today, ICBC is the most profitable commercial bank in the world with the largest market capitalization, the largest customer deposits and the highest brand value. Last few years ICBC escalates its international presence through new branches and acquisitions and scales up its overseas subsidiaries and business areas to offer financial services across the regions. As of today, ICBC has 175 overseas branches and subsidiaries in 22 countries/regions and has established agency relationships with 1422 banks in 128 countries/regions. ICBC is building a worldwide network and financial service platform covering all the international finance centres and China's major trading regions with clear hierarchy, well-positioning, diversified and highly efficient.