China Construction Bank (Asia)
The Bank of Canton was acquired by the Security Pacific National Bank in 1988, and was renamed Security Pacific Asian Bank. The bank became part of Bank of America following a merger of the Security Pacific National Bank and Bank of America in 1992, and was renamed Bank of America (Asia) in 1993. In terms of net assets, Bank of America (Asia) is the most profitable and the largest subsidiary of Bank of America outside of the United States.
An agreement was signed on August 24, 2006, that the bank was to be acquired by China Construction Bank (CCB) for HK$ 9.7 billion. The deal was approved by the end of 2006 by the Hong Kong and mainland China regulators, and CCB shareholders in a general meeting. Bank of America, the parent of Bank of America (Asia) is as of 2006 a strategic investor in CCB, holding a 9% stake. The announcement was made after the CCB failed to acquire Asia Commercial Bank, another Hong Kong-based bank, in February in the same year.
Bank of America (Asia) was renamed China Construction Bank (Asia) Corporation Limited on January 1, 2007. Bank of America (Macau) was a wholly owned subsidiary of Bank of America (Asia), but was renamed to China Construction Bank (Macau) following the renaming of Bank of America (Asia).
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