ICBC moves to establish investment bank in Hong Kong

Industrial & Commercial Bank of China Ltd. (1398.HK) has applied to Hong Kong's Securities and Futures Commission to set up an investment bank in the city, the South China Morning Post reported Monday, citing unnamed sources.
The report said the planned investment banking unit will focus on deals worth between HK$1 billion and HK$2 billion, and hopes to bring in large Chinese companies to issue H shares in Hong Kong.
The report also said the new venture would become ICBC's investment banking flagship in Hong Kong. The bank owns a 75% stake in ICEA Finance Holdings Ltd., which provides investment banking services in the city.

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ICBC moves to establish investment bank in Hong Kong