ICBC secured its leading market position by having 9,520,000 personal pension accounts under management, RMB 43.5 billion of pension fund under trust and RMB 174.3 billion of pension fund under custody by end of June.
China's pension market was expanding fast in the last few years, said an executive with ICBC. The market has been significantly improved, comprehensive rules have been established, market conditions remain good, market scale keeps expanding. ICBC is among a handful of banks in China certified to provide trust service for corporate annuity fund, account management service and fund custody service.
ICBC Credit Suisse Assets Management Co. Ltd, a company held under ICBC, is accredited to manage the investment of corporate annuity fund. The "full license" on corporate annuity allows ICBC to provide all-inclusive annuity services in line with the customer needs and pave the way for the Bank to loom large the business.
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