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CITIC Ka Wah Bank Limited, a member of China CITIC Bank Group (CNCB), was renamed CITIC Bank International Limited (CBI) at a ceremony held in Hong Kong on May 10, 2010. Hong Kong SAR Chief Executive Mr. Donald Tsang Yam-kuen, Financial Secretary Mr. John Tsang Chun-wah, Secretary for Financial Services and the Treasury Professor K C Chan, and Deputy Chief Executive of Hong Kong Monetary Authority Mr. Arthur Yuen attended the ceremony. Mr. Kong Dan, Chairman of CITIC Group and CNCB, Mr. Chen Xiaoxian, President of CNCB, Mr. Dou Jianzhong, Chairman of CBI, and Mrs. Chan Hui Dor Lam Doreen, CEO of CBI, addressed the ceremony.

Mr. Kong Dan said in his speech that CBI has always been an important part of the commercial banking business of CITIC Group and a crucial platform for its financial business overseas. Through years of hard work, CBI has grown into a Hong Kong commercial bank with international standards and capabilities, and is geared up to become a regional commercial bank in Asia. From this new starting point, CBI will continue to serve as CNCB’s unique overseas platform. It will work with its parent bank to build the CITIC commercial banking franchise into a world leading brand.

Mr. Chen Xiaoxian said the renaming marks a critical step in the internal integration of CNCB, and is a major milestone for the banking group to realize its strategic goal of “surpassing its domestic and international peers in competition”. From this day on, CNCB will pursue business expansion in mainland China, Hong Kong and internationally on one common platform, boost its commercial banking business both domestically and internationally, provide one-stop value-creating solutions to customers, meet their needs with more diversified and suitable financial products and services, and achieve bigger success in the Chinese and global financial markets.

Mrs. Chan Hui Dor Lam Doreen said as the overseas platform for CNCB, CBI will make most of its own advantages and steadily expand Hong Kong, Asian and international business on the one hand; on the other hand, it will fit into the integration process of CNCB, promote overall competitiveness, and become the “China Bank of Choice” for customers. 

The renaming has ushered in a new era for the development of CITIC’s commercial banking business. Based on its nationwide network and resources, coupled with CBI’s operation platforms in Hong Kong, Macao and the United States, CNCB will further advance its internationalization strategy. Meanwhile, guided and supported by CITIC Group, CNCB is dedicated to maximizing the synergy, grasping opportunities arising from the growth of the world economy and the economic integration of the greater Pearl River Delta region, and making greater contributions to the prosperity of Hong Kong and China.