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| Home » Banking in Canada » ICBC Canada | ||||||||||||||||||||||||
ICBC Canada |
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Industrial and Commercial Bank of China (Canada), ICBC Canada, formerly The Bank of East Asia (Canada), was founded in 1991; it was the Canadian unit of The Bank of East Asia Group or BEA in Hong Kong. |
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ICBC operates 5 branches in Canada and offers retail banking products catering to expatriate Hong Kong Chinese in Canada. The bank operated at Hong Kong Chinese themed malls or areas with large Hong Kong Chinese population. A 70% stake of the bank was sold by former parent Bank of East Asia (BEA) in January 2010 to Industrial and Commercial Bank of China and on July 2 the bank changed their name to the current. BEA retains a 30% stake as BEA focuses business in Hong Kong. Signage at all Canadian branches were changed to reflect the new ownership. BEA Canada is the second Hong Kong based bank to pull their Canadian operations. Standard Chartered Bank (Hong Kong) sold their Canadian branches and operations to Bank of Montreal and Scotiabank respectively in the 1990s. |
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ICBC Canada is a member of the Canadian Bankers Association (CBA) and registered member with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks. |
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