CCB folds HK branch into subsidiary

Branch is now part of China Construction Bank (Asia).

China Construction Bank Corporation, China's second-largest bank, said employees and clients of its Hong Kong branch will be transferred to CCB (Asia) in early July, while the branch will continue as an asset management center.

The branch previously specialized in corporate banking while CCB (Asia) provides retail and commercial banking business. CCB said the integration in Hong Kong is a milestone in its internalization, and would promote the efficiency of its overseas businesses. Hong Kong contributes 70% of the overseas profits of the CCB group.

CCB will establish eight more overseas branches this year to extend its footprint worldwide.