ICBC AND AMERICAN EXPRESS REAFFIRM STRATEGIC COOPERATION AND ADDRESS PLANS FOR ICBC SHARES AFTER LOCK-UP PERIOD
NEW YORK, October 19, 2009 -- Industrial and Commercial Bank of China Ltd (ICBC) and American Express today reaffirmed their strategic cooperative relationship and addressed plans for ICBC shares held by American Express.
Pursuant to the Shareholder Rights Agreement between ICBC and American Express, the lock-up period for the H-shares held by American Express will expire on October 20, 2009. American Express confirmed it would continue to hold its shares in ICBC after the lock-up period.
Through a network partnership agreement, ICBC has been issuing American Express branded consumer and commercial cards in China since 2004. The companies will continue to expand their cooperation in various areas in the future including high end premium products.
American Express continues to hold 638,061,117 H shares in ICBC, representing approximately 0.19% of ICBC's total outstanding shares as of June 30, 2009. While the company will reevaluate its shareholding from time to time depending on market conditions, it has no current plans to sell its shares.
ICBC
ICBC is the largest wholesale and retail bank in China by assets and deposits and is a market leader in many business areas including corporate and personal loans, deposits, mortgages, e-banking, custodian services and inter-bank clearing. It provides a wide range of commercial banking services to corporate and individual customers. ICBC has approximately 16,000 outlets and employs 382,000 people across China. It had total assets of RMB 11.43 trillion at the end of June, 2009.
American Express
American Express Company is a leading global payments and travel company founded in 1850. For more information, visit www.americanexpress.com.
