Cheung Kong Affiliate iBusiness and Commonwealth Bank establish AMTD Financial Planning Limited
12 May 2003
New Company Provides Personal Financial Planning Services and Advice
Hong Kong — The Cheung Kong Group, through its affiliate iBusiness Corporation (iBusiness), and the Commonwealth Bank Group (Commonwealth Bank) today announced the formation of AMTD Financial Planning Limited (AMTD). By combining a complete range of financial products and services with professional, objective financial planning advice, AMTD aims to become Hong Kong’s leading wealth management company.
iBusiness and Commonwealth Bank hold 61.25% and 30.0% of AMTD, respectively, with the remaining shares held by a strategic investor.
As an independent company, AMTD does not provide any products. Instead, AMTD focuses exclusively on helping clients meet their financial goals. In co-operation with specialist suppliers and business partners, AMTD provides:
- Cash Management Planning
Consumer finance, credit cards, personal loans and personal credit facilities
- Protection Management Planning
Life insurance, personal accident cover, home and travel insurance
- Investment Management Planning
Endowment and investment-linked insurance, depository and other related products
Mr Edmond Ip, Executive Director of Cheung Kong (Holdings) Limited and Chairman of AMTD, said, “While the proliferation of financial products and services presently on offer in the market gives consumers a wide range of choices, it also complicates their decision making process. “
“In view of the situation, we see a demand to facilitate consumers in identifying the most appropriate financial offerings. AMTD, our new joint venture with the Commonwealth Bank, will provide this much needed service. We are confident that AMTD will perform this function well and be an asset to its customers,” added Mr Ip.
With operations in Australia and 12 other markets, and a century of wealth-management experience, Commonwealth Bank offers a full suite of banking, funds management, insurance and pensions services. Commenting on the new company, Mr Peter Fancke, Commonwealth Bank Group’s Regional Managing Director, International Financial Services, North Asia, said, “We are excited to be partnering with the Cheung Kong Group and iBusiness in pioneering a new wealth-management concept in Hong Kong. The Commonwealth Bank will supply AMTD with a range of financial services and products and a state-of-the-art technology platform that will allow it to set new standards for product choice and professional service.”
Mr Alan Tsang, Director and Chief Executive Officer of AMTD, believes the new company has a number of key advantages. Mr Tsang commented, “AMTD benefits from the financial stability and strength of its shareholders, as well as access to the massive client-base of Cheung Kong Group, shareholders of iBusiness and Commonwealth Bank and an established network of retail outlets. We are leveraging these advantages with a team of experienced, professionally accredited consultants from the banking and insurance industries. These knowledgeable consultants will offer clients detailed financial analyses, personal service and objective financial planning advice.”
“AMTD offers clients advisory services free of charge. Through our ‘multiple channels, multiple products’ philosophy, clients will enjoy a range of product choices, save valuable time and gain access to a complete range of financial products and services,” Mr Tsang concluded.
For further information, please contact:
Commonwealth Bank Group
Tel: (852) 2861 4985
Commonwealth Bank Group
Tel: (852) 2861 4061