Industrial and Commercial Bank of China (ICBC) has entered into an agreement to acquire a 79.9% interest in Macau-based Seng Heng Bank (SHB) for MOP 4,683 million. SHB is the third largest bank by total assets and the largest locally owned, independent bank in Macau.

Completion of the transaction is subject to approval by the shareholders of ICBC at a general meeting, China Banking Regulatory Commission and the Monetary Authority of Macau.

SHB offers a wide range of retail and corporate banking products and services through nine branches and 47 automated teller machine terminals in Macau. As at 31 December 2006, SHB has a total assets of MOP 25,387 million, total deposits of MOP 22,587 million and total loans of MOP 9,733 million.

ICBC currently has 16,807 domestic branches, 98 overseas branches and representative offices, as well as 1,326 correspondent banks around the world. The acquisition of SHB immediately gives ICBC a leading market position and greater scale in Macau banking sector, as well as access to SHB’s high quality customer base, thereby allowing ICBC to benefit from Macau’s rapidly developing economy.(ICBC)

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