China Construction Bank brings HK branch into subsidiary
Updated: 2013-06-28 19:54
By Wang Xiaotian (chinadaily.com.cn)
Members of staff and clients of the Hong Kong branch will be transferred to CCB (Asia) in early July, while the branch will continue as an asset management center, it said.
Wang Hongzhang, chairman of the bank, said at the opening ceremony that the integration in Hong Kong marks a "milestone" of CCB's internalization, and would promote the efficiency of its overseas businesses.
"Hong Kong contributed 70 percent of the overseas profits to the group," he said.
According to Wang, CCB will establish eight more overseas branches this year to extend its footprint worldwide.