WEALTH MANAGEMENT | Tony Chua, Hong Kong

AIG Finance HK acquired by CCB Asia

The deal beefs up China Construction Bank's customer base and services for small and medium enterprises.

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 2 November.

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

A CCB insider said that the acquisition will bring more than 500,000 credit card customers and over 5 percent 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.

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