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|Wednesday, August 23, 2000, updated at 12:34(GMT+8)|
HK Union Bank Gets New NameThe Industrial and Commercial Bank of China (ICBC) announced Tuesday that the Hong Kong Union Bank has changed its name to the Industrial and Commercial Bank ofChina, Asia Limited (ICBC Asia).
The Union Bank was founded in 1964 in Hong Kong and was listed on the Hong Kong stock exchange in 1973. By the end of 1999 it had total assets of 21.4 billion HK dollars, with 22 local branches and one overseas branch.
In July 2000, ICBC became the controlling holder of Union Bank, and the Union Bank has promptly turned losses into profits after the acquisition, gaining profits of 84 million HK dollars in the first half of this year.
A spokesman for ICBC said that ICBC will continue to give full support to ICBC Asia, in a bid to make ICBC Asia a first class listed bank.
ICBC is China's largest commercial bank. By the end of June, its total assets had reached 3.87 trillion yuan, with deposits reaching 3.18 trillion yuan.
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