Funds News
- ICBC picked as pension fund custodian
Date: 10-Jul-2007 Sources: (Shenzhen Daily)
THE National Council for Social Security Fund, one of China's biggest institutional investors, chose Industrial & Commercial Bank of China Ltd. (ICBC) as a custodian for its domestic investment funds, the fund said in a statement dated Friday.
ICBC becomes the third bank after Bank of China Ltd. and Bank of Communications Co. to be selected as a domestic custodian for the national social security fund, the fund said on its Web site. Bank of China and Bank of Communications were awarded the mandate in 2002, it said. The national social security fund invested 18.03 billion yuan (US$2.37 billion) in ICBC ahead of its US$22 billion initial public offering last year. At the time of the investment, the fund agreed to cooperate on developing ICBC's fund custodian business.
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