The ICBC Private Banking Department in Sydney, in conjunction with ICBC’s Chinese domestic and other overseas branches, is able to offer an extensive suite of both independent and proprietary investment opportunities focusing on managing and growing the clients’ wealth. With our talented and dedicated team of financial professionals and specialists, ICBC Sydney Private Banking is able to provide a one-stop-shop banking and financial service incorporating cash management, wealth management, financial planning, business consultation and financing, with the aim of enhancing the clients’ wealth protection, wealth creation and wealth management in both the short and long term.
The scope of services and financial products provided by ICBC Sydney Private Banking Department include:
Transactional Banking Service
-Deposit and payment products
-Foreign Exchange Service
Wealth Management and Financial Advisory
-Fixed income products including government bonds
-Managed Investment Scheme
Business Consulting Service
-Investment opportunities/project information reporting
-Introducing the customer to opportune business negotiation channels, and supports the communication, to achieve completion of the business investment.
Provisions of the Banking Act 1959 for the protection of depositors generally do not apply to foreign ADIs, including INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED. For example, depositors with foreign ADIs do not receive the benefit of the following protections:
o Deposits are not covered by the financial claims scheme and are not guaranteed by the Australian Government.
o Deposits do not receive priority ahead of amounts owed to other creditors. This means that if a foreign ADI were unable to meet its obligations or otherwise is in financial difficulties and ceases to make payments, its depositors in Australia would not receive priority for repayment of their deposits from the foreign ADI’s assets in Australia.
o A foreign ADI is not required to hold assets in Australia to cover its deposit liabilities in Australia.
This means that if the foreign ADI were unable to meet its obligations or otherwise is in financial difficulty and ceases to make payments, it is uncertain whether depositors would be able to access the full amount of their deposit.