OREANDA-NEWS. August 07, 2014. Asset custody service of Industrial and Commercial Bank of China (“ICBC”) has maintained positive and healthy growth momentum in 2014. As at the end of June, assets under custody increased by 22.57% compared with the same period of last year to RMB 5.22 trillion, ranking No.1 in the market for the 16th consecutive year.

The number of securities investment funds under custody reached 380 with a volume of RMB 910,694 million, while 22 new funds were under custody of ICBC in the first half of 2014, ranking No. 1 in the market.

Regarding innovative development, ICBC has continued to expand its custody market driven by product innovation. It has creatively introduced the custody of paid funds for online fund sales, successfully put the first publically raised fund of securities firm under custody, and developed the custody product for special asset securitization scheme to meet financing requirements of enterprises with stable cash flows.

In terms of global custody network development, custody service of overseas institutions such as ICBC (Asia), New York Branch, ICBCFS, ICBC (Europe) and Singapore Branch has made solid strides, improving ICBC’s global custody service network. In addition, three new Qualified Foreign Institutional Investor (QFII) have been obtained with QFII principal increasing USD 1.2 billion. The Bank has also added seven new RMB Qualified Foreign Institutional Investor (RQFII) customers with approved RMB investment amount for RQFII up by RMB 19.2 billion.