Hong Kong Securities Clearing Company Limited (HKSCC), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), has announced the appointment of Industrial and Commercial Bank of China (Asia) Limited (ICBC (Asia)) as a Settlement Bank. The appointment will take effect on Monday, 3 October 2016.
Settlement Banks of HKSCC support money settlement in HKEX’s securities clearing business.
ICBC (Asia) is joining the four existing Settlement Banks, The Hongkong and Shanghai Banking Corporation Limited, Standard Chartered Bank (Hong Kong) Limited, OCBC Wing Hang Bank Limited and Bank of China (Hong Kong) Limited.
Calvin Tai, HKEX’s Head of Clearing, commented:
We are pleased to welcome ICBC Asia – the flagship of the overseas banking business of Industrial and Commercial Bank of China Limited, the largest commercial bank in China – as a Settlement Bank of HKSCC. Our Clearing Participants will have more choices for their day-to-day settlement with us.”