ICBC Bank (Chiangmai)
Founded on 26 August 1969 originally as a commercial company, the company later obtained a license to undertake finance and securities business from the Ministry of Finance on 26 October 1973 and was listed on the Stock Exchange of Thailand (SET) in 1978. On 23 December 2005, the Bank was granted a commercial bank license from the Ministry of Commerce.
On 21 April 2010, the Industrial and Commercial Bank of China Limited (ICBC), the largest commercial bank in the world in terms of market capitalization, acquired 97.24% of the total issued shares of the Bank from a voluntary tender offer of all shares traded on the SET and changed the name of the Bank to “Industrial and Commercial Bank of China (Thai) Public Company Limited” becoming a part of the ICBC Group. On 19 March 2011, the Bank delisted from the SET. At present, the ICBC holds 97.86% of the total shares sold of the Bank. An increase of 0.16% from 2013 as a result of a capital increase at a ratio of 2.3735 existing shares to 1 ordinary share at par value of Baht 8.92 registered on 4 September 2014.
As a fully licensed commercial bank, the Bank aims to be on the forefront of commercial banks in Thailand on international banking service. Being a part of the ICBC Group means customers of the Bank are able to fully utilize the services provided by the Group’s network which is growing at a rapid pace in China as well as around the world. As of the mid of 2019, ICBC Group had a total of 15,973 branches and service centers in China and 428 additional branches in 47 countries around the world. Furthermore, ICBC also has 1,496 correspondent banks in 145 countries worldwide.
At present, the Bank has one subsidiary, ICBC (Thai) Leasing Company Limited, which the Bank owns 99.99 %, the company offers leasing and hire purchase services.
ICBC (Thai) continues to hold its credit rating by Fitch Ratings at the highest attainable rating of AAA(tha) for National Long-Term Rating for the eighth consecutive years confirming the Bank’s strong financial position.