Nanyang Commercial Bank Explained

Nanyang Commercial Bank
Native Name:南洋商業銀行
T:南洋商業銀行
Y:Nàahm yèuhng sēung yihp ngàhn hòhng
J:Naam4 joeng4 soeng1 jip6 ngan4 hong4
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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 33 branches, 3 Commercial Business Centres and 4 Cross-border Wealth Management Centres. It was established in Hong Kong on 14 December 1949.[1] NCB primarily focuses on corporate customers, in particular trading companies.[2]

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.[3]

Strategic Development

It was reported in December 2018 that Nanyang Commercial Bank was one of the shareholders of a financial technology firm, Nova Credit, which had entered bid to a new Know Your Client utility platform to be implemented for banks in Hong Kong and greater bay China region.[4]

External links

Notes and References

  1. Web site: Profile at NCB official website.
  2. Web site: NCB Profile. Nanyang Commercial Bank. 2019-01-14.
  3. News: BOCHK realises HK$30 billion profit from Nanyang sale . South China Morning Post.
  4. Web site: Credit reporting agency TransUnion 'a finalist' in bid for Hong Kong's next big fintech project despite data security row. SCMP. 2018-12-04. 2019-01-14.