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Nanyang Commercial Bank become a subsidiary of China Cinda Group

01-06-2016 09:00 HKT

On 30 May 2016, China Cinda Asset Management Co., Ltd. (hereinafter referred to as "China Cinda") and Bank of China Limited (hereinafter referred to as the "Bank of China") jointly organized a ceremony for the completion of equity transfer of Nanyang Commercial Bank (hereinafter referred to as "NCB") , announced that all related transfer procedures have been completed and as at that date, NCB become a subsidiary of China Cinda.  Mr. Lin Wu, Deputy Minister of Liaison Office of the Central People's Government in the HKSAR (“LOCPG”), Ms. Sun Xiaoxia, Director-General of the Finance Department of the Ministry of Finance, Mr. Arthur Yuen, Deputy Chief Executive of the Hong Kong Monetary Authority, Mr. Chow Chung-kong, Chairman of The Hong Kong Exchanges and Clearing Limited, Mr. Sun Xiangyi, Director-General of Economic Affairs Department of LOCPG, Mr. Tian Guoli, Chairman of the Bank of China, Mr. Ren Deqi, Executive Vice President of the Bank of China, Mr. Yue Yi, Vice Chairman and Chief Executive of the Bank of China (Hong Kong), Mr. Hou Jianhang, Chairman of China Cinda, Mr. Chen Xiaozhou, senior management of China Cinda attended the ceremony.


After the completion of the equity transfer, NCB will continue to uphold the "customer service mission", to exhibit synergy advantage with China Cinda, to extend the product innovation, continuous improvement of service level to customers both in Hong Kong and Mainland.


The acquisition of NCB is an important step for China Cinda to propel integration, internationalization and modernization strategy, and to help China Cinda to perfect the business model, to strengthen the leading advantage of the non-performing asset management business, to create an integrated asset management and financial services brand name, to continue enhancement of the economic capability of servicing the real entities and market competitiveness. The completion of equity transfer of NCB denoted an important step for China Cinda’s transformation and development and have a great and far-reaching significance for the future development of China Cinda.


Cinda International, as a financial platform of China Cinda in Hong Kong will positively exert synergy with its parent company, to provide support and diversified services to China Cinda and NCB to explore new space for development and to seek for the maximum benefits for the Company and the shareholders as a whole.