On November 29, China’s National Council for Social Security Fund announced the review result of basic endowment insurance fund custody institution. Through open tender, four banks including ICBC were shortlisted as basic endowment insurance fund custody institutions.

In accordance with the Administrative Measures for Basic Endowment Insurance Fund Investment issued by the State Council, basic endowment insurance fund custody institutions should be chosen from commercial banks experienced in fund custody or with good fund custody track records and social reputation. The major responsibilities include safekeeping of endowment insurance fund assets and fund, securities and futures accounts of fund assets that are opened in the name of endowment insurance fund, prompt handling of clearing and delivery issues, financial accounting, valuation, double-check and review of endowment insurance fund, confirmation of net fund assets calculated by investment management institutions, and supervision of investment activities by the investment management institutions.

An official with ICBC said that ICBC will secure investment operation of basic endowment insurance fund through professional and down-to-earth asset custody services. ICBC has been China’s largest custody bank for 18 consecutive years since beginning custody business in China in 1998. By the end of October 2016, assets under custody hit RMB 14 trillion. ICBC is the only bank in China with custody scale exceeding RMB 10 trillion. In addition, ICBC has been committed to establishing a global asset custody system. So far, a full-fledged global custody product line has been formed with global custody service capacity consistently improving and global custody network increasingly expanding. Its overseas business has seen rapid growth. ICBC has established cooperation with nearly 120 overseas asset management institutions and multiple international custody banks.