ICB Banking Group also referred to as Swiss Finance Lexomburg AG or ICB Financial Group, but commonly known as International Commercial Bank (ICB), is an International financial services provider based in

Schindellegi Feusisberg is a municipality in Höfe District in the canton of Schwyz in Switzerland. History Feusisberg is first mentioned in the 13th century as ''Berg'' and ''Uffenberg''. In the 16th century it was known as ''Fessisskilch'' and in 1590 it ...

Switzerland Switzerland, officially the Swiss Confederation, is a landlocked country located in west-central Europe. It is bordered by Italy to the south, France to the west, Germany to the north, and Austria and Liechtenstein to the east. Switzerland ...

, with subsidiaries in

Eastern Europe Eastern Europe is a subregion of the Europe, European continent. As a largely ambiguous term, it has a wide range of geopolitical, geographical, ethnic, cultural and socio-economic connotations. Its eastern boundary is marked by the Ural Mountain ...

Africa Africa is the world's second-largest and second-most populous continent after Asia. At about 30.3 million km2 (11.7 million square miles) including adjacent islands, it covers 20% of Earth's land area and 6% of its total surfac ...

and

Asia Asia ( , ) is the largest continent in the world by both land area and population. It covers an area of more than 44 million square kilometres, about 30% of Earth's total land area and 8% of Earth's total surface area. The continent, which ...

. The parent company of the group was known as ICB Financial Group Holdings AG. The company was delisted from AIM in 2012.

History

The group began banking operations in 1994 when it was granted a license to operate a bank in

Hungary Hungary is a landlocked country in Central Europe. Spanning much of the Pannonian Basin, Carpathian Basin, it is bordered by Slovakia to the north, Ukraine to the northeast, Romania to the east and southeast, Serbia to the south, Croatia and ...

. Since then, the ICB Banking Group has established or acquired commercial banks in Eastern Europe, Africa and Asia. As of May 2009, the group operates banks in thirteen (13) countries on three (3) continents. The group began their operations in Africa in 1996 in

Ghana Ghana, officially the Republic of Ghana, is a country in West Africa. It is situated along the Gulf of Guinea and the Atlantic Ocean to the south, and shares borders with Côte d’Ivoire to the west, Burkina Faso to the north, and Togo to t ...

and today has a presence in nine (9)

n countries. In 2003, the group entered the

n market by acquiring an indirect stake of 11.3% in ''Bank Internasional Indonesia'', one of the largest banks in

Indonesia Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania, between the Indian Ocean, Indian and Pacific Ocean, Pacific oceans. Comprising over List of islands of Indonesia, 17,000 islands, including Sumatra, ...

. Through subsequent acquisitions and start-ups, ICB today operates in three (3) Asian countries. In 2004, the individual ownerships of the ICB Banking Group were incorporated under the umbrella of

ICB Financial Group Holdings AG ICB Banking Group also referred to as Swiss Finance Lexomburg AG or ICB Financial Group, but commonly known as International Commercial Bank (ICB), is an International financial services provider based in Schindellegi, Switzerland, with subsidi ...

, a

Swiss Swiss most commonly refers to: * the adjectival form of Switzerland * Swiss people Swiss may also refer to: Places * Swiss, Missouri * Swiss, North Carolina * Swiss, West Virginia * Swiss, Wisconsin Other uses * Swiss Café, an old café located ...

based holding company. On 17 May 2007, ICB Financial Group Holdings AG was listed on AIM market of the

London Stock Exchange The London Stock Exchange (LSE) is a stock exchange based in London, England. the total market value of all companies trading on the LSE stood at US$3.42 trillion. Its current premises are situated in Paternoster Square close to St Paul's Cath ...

. ICB Bank Malawi was established in 2008. In 2010, ICB Banking Group disposed of its shareholding interest in ICB Islamic Bank in

Bangladesh Bangladesh, officially the People's Republic of Bangladesh, is a country in South Asia. It is the List of countries and dependencies by population, eighth-most populous country in the world and among the List of countries and dependencies by ...

, for a consideration of US$55 million in cash. Also in 2010, ICB Bank Zambia was established. In 2013, ICB sold the entirety of its

Malawi Malawi, officially the Republic of Malawi, is a landlocked country in Southeastern Africa. It is bordered by Zambia to the west, Tanzania to the north and northeast, and Mozambique to the east, south, and southwest. Malawi spans over and ...

an operation, and controlling stakes of its operations in

Zambia Zambia, officially the Republic of Zambia, is a landlocked country at the crossroads of Central Africa, Central, Southern Africa, Southern and East Africa. It is typically referred to being in South-Central Africa or Southern Africa. It is bor ...

and

Mozambique Mozambique, officially the Republic of Mozambique, is a country located in Southeast Africa bordered by the Indian Ocean to the east, Tanzania to the north, Malawi and Zambia to the northwest, Zimbabwe to the west, and Eswatini and South Afr ...

to southern African banking group FMB: ''ICB Malawi did not meet the minimum regulatory capital and other liquidity requirements, meant to safeguard customers. The motive of FMB in acquiring ICB was not because of the viability of the business in Malawi but because it was part of the transaction in the two countries where FMB would like to open its operations through the acquisition''.

External links

Official website
(archived in July )2010

References

{{DEFAULTSORT:Icb Banking Group Banks of Switzerland Banks established in 1994 Swiss companies established in 1994

History

See also

External links

References