Nanyang Commercial Bank [SEP] parent company
Nanyang Commercial Bank
Nanyang Commercial Bank (NCB, Chinese: 南洋商業銀行) is a bank based in Hong Kong and a wholly owned subsidiary of China Cinda Asset Management (Cinda), with 43 branches. NCB primarily focuses on corporate customers, in particular trading companies.
In 2015 Cinda acquired Nanyang Commercial Bank from Bank of China (Hong Kong) for HK$68 billion. Cinda had purchased NCB to diversify its business in areas of cross-border finance.
Strategic Development.
It was reported in December 2018 that Nanyang
is incorporated in Hong Kong. However, partly to clear up confusion between it and its parent in the mainland, it shifted all of its mainland-based business to Nanyang Commercial Bank in 2007.
Operations Renminbi clearing bank.
BOCHK has been the designated clearing bank for personal transactions involving the Renminbi (RMB, the currency of Mainland China) in Hong Kong since February 2004. This means that BOCHK acts as a settlement agent for RMB banknotes and funds in Hong Kong and an intermediary between banks in Hong Kong and the