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ICBC Offers Quality Services for B Share Market
After the opening of the B-share market to domestic investors this week, the Industrial and Commercial Bank of China (ICBC) has fully exploited its advantages in capital clearing to provide the B-share market with quality financial services.
A spokesman for the ICBC said the bank has integrated its advanced Renminbi (RMB) clearing system with the international SWIFT system to ensure that B-share market capital be cleared within two hours.
Statistics show that on February 26 and 27, the first two days that domestic investors were allowed to open B-share accounts, the Shanghai Branch of the ICBC alone handled over 23,000 capital transfer businesses, clearing capital of more than US$100 million and 20 million Hong Kong dollars.
He said that to date nearly all securities firms with B-share businesses have opened foreign exchange accounts in the ICBC, setting a solid foundation for the bank to realize bank-securities clearing and bank securities interconnection in the B-share market.
The bank plans to draw on its advanced comprehensive business system and capital remittance system to launch bank-securities account transfer business for B-share trading, and get connected with the country's central registration clearing corporation.
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