OREANDA-NEWS. June 05, 2013. ICBC Beijing Branch won the tender from CSR Corporation (China South Locomotive & Rolling Stock Corporation Limited) for a second mandate as the custodian and manager for CSR's corporate annuity account, said in an announcement of the Branch earlier. CSR Corporation's corporate annuity plan covers 80,000+ employees.

With an extensive network of subsidiaries and affiliates in China, CSR Corporation has strict requirements to choose a custodian bank to manage its corporate annuity. ICBC beat down four other custodian institutions to win CSR tender, backed by the Bank's financial strength, professional services and rich experience.

An executive with ICBC Beijing Branch said, ICBC's corporate annuity services have the following features and advantages. I. Very reliable. ICBC's corporate annuity services are backed by the Bank's cutting-edge technology and disaster backup system. II. Speed services. ICBC's system for management of corporate annuity accounts and custody system are developed by the Bank, providing highly efficient and convenient services for different categories of customers. Both systems received Second-Class and Third-Class "Banking Technology Progress Awards" presented by People's Bank of China. III. Rich experience.

As of end of 2012, ICBC has provided pension fund services for 30,000+ customers and managed over 8 million personal corporate annuity accounts. More than RMB 190 billion in corporate annuity funds is under the management of ICBC. ICBC captures more than 40% market shares in managing corporate annuity accounts and custody market, holding the top spot in the market.

News background: Corporate Annuity is a major "pillar" of China's pension insurance scheme. It is a supplementary voluntarily pension insurance scheme set up between company and the staff according to law. There are four types of managers in a corporate annuity plan - trustee, account manager, custodian and investment manager.