CCB ASIA COMPLETES AIG FINANCE (HONG KONG) TAKEOVER

China Construction Bank (Asia), a subsidiary of China Construction Bank (CCB), recently announced that AIG Finance (Hong Kong) has been renamed China Construction Bank (Asia) Finance (CCBAF) on November 2.

In August, CCB (Asia) signed an agreement to purchase AIG Finance (Hong Kong) for US$70 million, the transaction was completed in late October.

A CCB insider said that the acquisition will bring more than 500,000 credit card customers and over 5 per cent of Hong Kong's market share, thus increasing its competitiveness in the area around Hong Kong and Macao.

Ma Zhiwen, executive chairman and CEO of CCB (Asia), remarked that the deal will help the bank provide improved services for retail business and small and medium sized companies in the area.

The former AIG Finance (Hong Kong) mainly offered services such as credit cards, individual unsecured loans, and automobile loans.

The un-audited assets of the former AIG Finance (Hong Kong) amounted to 1.25 billion Hong Kong dollars.

(XIC)lm

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