Type Public company Headquarters Canada Number of employees 650 | Industry Financial services Founded 1991 | |
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Key people Jiang Jianqing
(Chairman & Executive Director) Products Retail banking
Corporate Banking Owner PRC Government, through its subsidiary the ICBC Parent organization Industrial and Commercial Bank of China | ||
Industrial and Commercial Bank of China (Canada), formerly The Bank of East Asia (Canada), was founded in 1991; it was the Canadian unit of the Bank of East Asia Group (BEA) in Hong Kong. The bank operates five 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 in January 2010 to Industrial and Commercial Bank of China and on July 2 the bank changed its name to the current name. 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 its Canadian operations. Standard Chartered Bank (Hong Kong) sold its Canadian branches and operations to Bank of Montreal and Scotiabank respectively in the 1990s.
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Membership
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. It is also a member of: