The Securities Finance Association (formerly PASLA) has admitted Industrial and Commercial Bank of China (Asia) as a Prime Lite member, according to the association.
Prime Lite membership is designed for securities houses, participating dealers, inter-dealer brokers, and physical and synthetic prime brokers operating in a single Asia-Pacific market that are active in securities finance.
ICBC Asia is incorporated in Hong Kong and is designated as a domestic systemically important bank (DSIB). The bank operates 52 branches in Hong Kong and provides retail, commercial, cross-border, private and investment banking, as well as securities, insurance and fund services. According to the announcement, its core business areas are retail banking, commercial banking and global markets.
The announcement provides no further details on the scope of ICBC Asia’s involvement within the association.
