The Industrial and Commerce Bank of China Financial Services, a subsidiary of the Industrial and Commercial Bank of China, is the first Chinese member of the New York Stock Exchange. The firm, a broker-dealer subsidiary under parent company ICBC became a member of the New York Stock Exchange at the end of 2013. On hand for ringing the opening bell was Bi Mingqiang, chairman of ICBC, Joseph Spillane, CEO of ICBCFS, and Sun Guoxiang, consulate general of the People’s Republic of China. Becoming a member of NYSE Euronext will facilitate ICBC’s opportunity in the US market, helping promote the brand as well as getting a deeper understanding of the US capital market, the bank said in a statement. In 2010 ICBC acquired the Prime Dealer Services division of Fortis Securities, which was previously controlled by French financial services company BNP Paribas, and eventually took on the ICBCFS name. The firm now focuses on clearing and financing trades in the US.
