(ICB) ICB Financial Group Holdings AG

ICB FINANCIAL GROUP HOLDINGS AG
Incorporated in Switzerland
Registration Number CH-130.3.009.158-0

INTERIM FINANCIAL STATEMENTS
FOR THE 6 MONTH
PERIOD ENDED 30 JUNE 2011


ICB Financial Group Holdings AG
(Incorporated in Switzerland)

Interim Financial Statements
For The 6 Month Period Ended 30 June 2011



Contents Page(s)

Interim Results Summary 1

Financial Highlights 1

Chairman's Statement 2-3

Consolidated Statement of Comprehensive Income 4

Consolidated Statement of Financial Position 5

Consolidated Statement of Cash Flows 6 - 7

Consolidated Statement of Changes in Equity 8 - 9

Notes to the Interim Consolidated Financial 10 - 13
Statements




ICB Financial Group Holdings AG

Interim Results For The 6 Month
Period Ended 30 June 2011

Interim Results Summary

For the 6 months ended 30 June 2011, ICB Financial Group Holdings AG ("ICBFGH"
or the "Group") recorded a consolidated pre-tax profit of USD 1.7 million,
compared to USD 7.1 million in the corresponding period last year. The results
for the current half-year were impacted by lower gains on foreign currencies
and higher operating expenses.

Financial Highlights

* The Group's total loans and advances grew by USD 7.1 million to USD 897
million for the first 6 months of this year. Growth in loans was
particularly strong at ICB Ghana and ICB Laos which was offset by negative
loans growth at PT Bank ICB Bumiputera Indonesia.

* Deposits declined by USD 53.1 million to USD 1,185.5 million for the first
six months of this year. The large decrease was mainly from Bank ICB
Bumiputera and ICB Bangladesh where high cost funds like fixed deposits
were reduced as part of balance sheet management to improve net interest
margins.

* The net interest income of the Group of USD 37.0 million was up by USD 5.7
million compared to the corresponding period last year. The net interest
income growth is mainly attributable to growth in loans and advances and
improvements in net interest margins.

* Operating expenses increased by USD 6.1 million to USD 41.6 million. The
increase is due to higher staff costs arising from salary adjustments, and
the opening of new branches.

* Impairment charges for the half year were USD 3.1 million, a decrease of
USD 0.13 million compared to the corresponding period last year, mainly due
to lower impairment charges incurred at ICB Islamic Bank Bangladesh.



Chairman's Statement 30 June 2011

On behalf of the Board of Directors, I am pleased to present the financial
statements (unaudited) for ICB Financial Group Holdings AG for the half year
period to 30th June, 2011.

The Group recorded a consolidated pre-tax profit of USD 1.7 million for the
half year ended 30th June, 2011. This was well below expectations and
significantly lower than the June 2010 half year result of a pre-tax profit of
USD 7.1 million. Whilst many of the Banks performed well, the African continent
in particular, currency gains of USD 6.3 million for the half year to June 2010
were in the recent period reduced to a loss of USD 0.617 million. A significant
element of this loss is due to the weakening of the US$ against other world
currencies, the Swiss franc in particular. However, this risk is being
mitigated where possible by the Group's policy of holding a diversified mix of
currencies to minimize the impact of currency fluctuations.

Africa made a healthy profit before tax ("PBT") contribution of USD 4.8 million
in the period (USD 1.9 million for the half year to June 2010). Good returns
also came from Laos which strengthened its performance to deliver a PBT of USD
0.665 million (USD 0.187 million for the half year to June 2010). Bangladesh
continues to make progress in its recovery returning a PBT of USD 0.881 million
for the period (USD 1,475 million loss for the half year to June 2010).
Albania, the Group's presence in Eastern Europe, saw profits fall to USD 0.085
million, down from USD 1.071 million for the half year to June 2010, this
reduction reflecting a translation loss on USD capital funds arising from a
weakening of the Lek against the US$.

In Indonesia, PT Bank ICB Bumiputera's performance has been poor, with the Bank
returning a loss of USD 1 million (PBT USD 2.2 million for the half year to
June 2010). Whilst this Bank has experienced very strong market competition its
performance has not been satisfactory. At Group level, discussions are in place
with the Bank's Board of Commissioners and these have already resulted in
changes being made to the Bank's Executive leadership. In addition the Group's
Global Management team is assisting Country Management in the development and
implementation of plans to quickly restore the Bank to sound profitable trading
levels.

Net Interest Income for the Group increased by 18% to USD 37 million (USD 31.4
million for the half year to June 2010). Net Fee & Commission Income also
strengthened contributing some USD 8.4 million (USD 7.9 million for the half
year to June 2010). The greater part of this increase was generated by the
African businesses although strong contributions were provided by both Laos and
Bangladesh.

The increase in Operating Expenses of some USD 6.1 million (USD 41.6 million
for the half year to June 2011/USD 35.5 million for the half year to June 2010)
reflects a general expansion of the distribution network across the Banks.
However, USD 2.6 million of this increase is attributable to PT Bank ICB Bank
Bumiputera in Indonesia whose returns do not support such a position. The
consequence of the overall Indonesian situation has contributed to
deterioration in the Cost/Income ratio for the Group which stood at 88% as at
June 2011 (73% June 2010).

Improving country economies have enabled progress to be made in most countries
in achieving recoveries which in turn has resulted in the achievement of a
modest reduction of loan impairment charges. For the half year to June 2011
these amounted to USD 3.1 million (USD 3.2 million for the half year to June
2010).

In looking to the immediate future the Group Board expects the majority of its
investments to perform well. Whilst Bangladesh is now making a positive
contribution to Group profitability the sale of this Bank has still not
progressed. I advised Shareholders that a delay in the disposal of this
investment had arisen and at this point the final approval of the Central Bank
is still awaited. At PT Bank ICB Bumiputera, Indonesia we expect the trading
position to remain challenging for the remainder of the year.

Michael R Hanlon
Group Chairman



ICB Financial Group Holdings AG
(Incorporated in Switzerland)

Consolidated Statement of Comprehensive Income
For The 6 Month Period Ended 30 June 2011

Note 6 months 6 months
ended ended
30-Jun-11 30-Jun-10
USD'000 USD'000

Interest income 72,331 61,222

Interest expense (35,297) (29,856)

Net interest income 37,034 31,366


Fee and commission income 8,456 7,957

Foreign currency (loss)/gain (617) 6,382

Gains less losses from financial investments 1,249 2,299

Loss on disposal of foreclosed properties (503) (682)

Other operating income 1,374 849

Impairment charges for loans and advances to (3,120) (3,253)
customers

Fair value change in foreclosed properties (507) (2,146)

Operating expenses (41,615) (35,471)

Operating profit 1,751 7,301

Share of results of associates 20 (223)

Profit before taxation 1,771 7,078

Tax expense (1,485) (1,410)

Profit for the period 286 5,668


Other comprehensive income for the period:

Exchange differences on translating foreign 13,217 (7,027)
operations

Available-for-sale financial assets 518 (8)

13,735 (7,035)

Total Comprehensive income for the period 14,021 (1,367)


Profit of the period attributable to:

- Owners of the parent 43 5,860

- Non-controlling interests 243 (192)

286 5,668

Total comprehensive income attributable to:

- Owners of the parent 9,197 (2,347)

- Non-controlling interests 4,824 980

14,021 (1,367)

Earnings per share

- Basic and diluted (Expressed in USD per 3 0.00 0.03
share)


The accompanying notes form an integral part of the financial statements.




ICB Financial Group Holdings AG
(Incorporated in Switzerland)

Consolidated Statement of Financial Position
As At 30 June 2011

Note 30-Jun-11 31-Dec-10
USD'000 USD'000

ASSETS

Cash and bank balances 353,955 396,204

Loans and advances to customers 4 897,027 889,950

Financial investments 182,355 185,810

Foreclosed properties 8,189 11,692

Investment in associates 2,563 2,351

Goodwill and other intangible assets 55,180 61,861

Prepaid lease payments 41 41

Property and equipment 22,697 24,221

Other assets 51,782 56,955

Deferred tax assets 4,146 4,278

Total Assets 1,577,935 1,633,363


LIABILITIES

Deposits from other banks 167,643 172,801

Deposits from customers 5 1,185,570 1,238,678

Other liabilities 40,979 51,124

Tax liabilities 428 1,455

Deferred tax liabilities 244 255

Total Liabilities 1,394,864 1,464,313


EQUITY

Paid up share capital 6 145,960 145,960

Share premium 782 782

Retained earnings 44,793 44,750

Other reserves 25,452 16,298

Equity attributable to owners of the Company 216,987 207,790

Non-controlling interests (33,916) (38,740)

Total Equity 183,071 169,050

Total Equity and Liability 1,577,935 1,633,363


The accompanying notes form an integral part of the financial statements.




ICB Financial Group Holdings AG
(Incorporated in Switzerland)

Consolidated Statement of Cash Flows
For The 6 Month Period Ended 30 June 2011

6 months 6 months
ended ended
30-Jun-11 30-Jun-10
USD'000 USD'000

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation 1,771 7,078

Adjustment for :

Impairment charges for loans and advances to 3,120 3,253
customers

Amortisation of prepaid lease rental 20 20

Amortisation of intangible assets 971 994

Depreciation of property and equipment 2,491 2,051

Fair value change in foreclosed properties 507 2,146

Loss on disposal of foreclosed assets 503 682

Share of results of associates (20) 223

(Loss)/Gain on foreign exchange translation 617 (6,382)

Cash flow from operations before working capital 9,980 10,065
changes

Decrease/(Increase) in operating assets 20,204 (106,881)

(Decrease)/Increase in operating liabilities (90,330) 41,375

Cash used in operations (60,146) (55,441)

Tax paid (1,054) (2,167)

Net cash used in operating activities (61,200) (57,608)


CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from sale of foreclosed assets 3,069 4,091

Purchase of property and equipment (1,067) (4,854)

Purchase of intangible assets (216) (245)

Net decrease in financial investments 3,214 25,157

Net cash from investing activities 5,000 24,149



ICB Financial Group Holdings AG
(Incorporated in Switzerland)

Consolidated Statement of Cash Flows (Cont'd.)
For The 6 Month Period Ended 30 June 2011

6 months 6 months
ended ended
30-Jun-11 30-Jun-10
USD'000 USD'000

Net decrease in cash and cash equivalents (56,200) (33,459)

Cash and cash equivalents at the beginning of the 304,850 214,262
year

Effect of exchange rate changes on cash and cash 7,194 (7,586)
equivalents

Cash and cash equivalents at the end of the year 255,844 173,217



Cash and Cash Equivalents

For the purpose of the cash flow statement, cash and cash equivalents comprise
of cash and bank balances, items in the course of collection less mandatory
reserve deposits with central banks.


The accompanying notes form an integral part of the financial statement



ICB Financial Group Holdings AG
(Incorporated in Switzerland)

Consolidated Statement of Changes in Equity
For The 6 Month Period Ended 30 June 2011

Share Share Other Retained Total Equity Non-controlling Total
Capital Premium Reserves Earnings Attributable Interests Equity
To Owners of
the Parent

USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000

At 1 January 2011 145,960 782 16,298 44,750 207,790 (38,740) 169,050

Profit for the period 43 43 243 286

Other comprehensive
income:

Currency translation
differences
arising from
translation to - - 8,792 - 8,792 4,425 13,217
presentation currency

Loss in fair value on - - 362 - 362 156 518
available-for-sale
securities

Total comprehensive - - 9,154 43 9,197 4,824 14,021
income for the period

At 30 June 2011 145,960 782 25,452 44,793 216,987 (33,916) 183,071




ICB Financial Group Holdings AG
(Incorporated in Switzerland)

Consolidated Statement of Changes in
Equity (Cont'd.)
For The 6 Month Period Ended 30 June
2011

Share Share Other Retained Total Equity Non-controlling Total
Capital Premium Reserves Earnings Attributable Interests Equity
To Owners of
the Parent

USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000

At 1 January 2010 145,960 782 15,812 37,808 200,362 (41,636) 158,726

Profit for the period - - - 5,860 5,860 (192) 5,668

Other comprehensive
income:

Currency translation
differences
arising from
translation to - - (8,202) - (8,202) 1,175 (7,027)
presentation currency

Loss in fair value on - - (5) - (5) (3) (8)
available-
for-sale securities

Total comprehensive - - (8,207) 5,860 (2,347) 980 (1,367)
income for the year
Dividend payable to - - - - - (82) (82)
non-controlling
interests

At 30 June 2010 145,960 782 7,605 43,668 198,015 (40,738) 157,277


The accompanying notes form an integral part of the financial statements.



ICB Financial Group Holdings AG
(Incorporated in Switzerland)

Notes To The Interim Consolidated Financial Statements

1. Basis of Preparation

The interim financial statements of the Group are unaudited and have been
prepared in accordance with International Financial Reporting Standards
("IFRS").

The preparation of financial statements in conformity with IFRS requires
management to make estimates and assumptions that affect the reported amounts
of assets and liabilities, revenues and expenses. Due to the inherent
uncertainty in making those estimates, actual results reported in future
periods could differ from such estimates.

The interim financial statements should be read in conjunction with the audited
financial statements for the year ended 31 December 2010.

The interim financial statements were approved by the board on 22 September
2011.

2. Basis of Accounting

The interim financial statements of the Group have been prepared under the
historical cost convention as modified by the revaluation of available-for-sale
financial assets, financial assets and financial liabilities held at fair value
through profit or loss. The accounting policies and methods of computation
adopted are consistent with those followed in the preparation of the Group's
audited financial statements for the year ended 31 December 2010.

3. Earnings per share

Basic earnings per share is calculated by dividing the net profit attributable
to shareholders by the weighted average number of shares in issue, in the 6
month period ended 30 June 2011 of 180,000,000 (2010: 180,000,000).

There are no options or other instruments in issue that would dilute the
earnings per share.

4. Loans and Advances to Customers

As at As at
30-Jun-11 31-Dec-10
USD'000 USD'000

Gross loans and advances 991,221 987,577

Less: Allowance for losses on loans and (94,194) (97,627)
advances

897,027 889,950

5. Deposits

As at As at
30-Jun-11 31-Dec-10
USD'000 USD'000

Current accounts 156,865 175,172

Saving accounts 227,076 206,056

Time deposits 774,517 838,704

Others 27,112 18,746

1,185,570 1,238,678

6. Paid-Up Share Capital

No of Shares

As at As at As at As at
30-Jun-11 31-Dec-10 30-Jun-11 31-Dec-10
`000 `000 USD'000 USD'000

As at 1 January/30 June 180,000 180,000 145,960 145,960


7. Subsidiaries & Associates

Details of subsidiaries & Associates are as follows:

% effective interest held

Country of As at As at Principal
Incorporation 30-Jun-11 31-Dec-10 Activities

Name of subsidiaries

International Commercial Commercial
Bank (Gambia) Ltd. Gambia 99.10 99.10 Bank

International Commercial Commercial
Bank S. A. Guinea 97.00 97.00 Bank

International Commercial Commercial
Bank (Sierra Leone) Ltd. Sierra Leone 99.98 99.98 Bank

International Commercial Commercial
Bank SH. A Albania 100.00 100.00 Bank

International Commercial Bank Mozambique Commercial
(Mozambique) S.A. 99.99 99.99 Bank

International Commercial Commercial
Bank Limited Ghana 100.00 100.00 Bank

PT Bank ICB Bumiputra Commercial
Tbk Indonesia 69.90 69.90 Bank

International Commercial Commercial
Bank (Djibouti) S.A. Djibouti 99.90 99.90 Bank

ICB Global Management Providing
Sdn. Bhd. Malaysia 100.00 100.00 Technical &
Management
Services

ICB Islamic Bank Ltd Bangladesh 50.10 50.10 Commercial
Bank

International Commercial Bank Laos 100.00 100.00 Commercial
Laos Ltd Bank

International Commercial Bank Malawi 100.00 100.00 Commercial
Ltd - Malawi Bank

International Commercial Commercial
Bank Zambia Limited Zambia 100.00 100.00 Bank

7. Subsidiaries & Associates (Cont'd.)

% effective interest held

Country of As at As at Principal
Incorporation 30-Jun-11 31-Dec-10 Activities

International
Commercial
Bank (Tanzania) Tanzania 57.68 57.68 Commercial
Limited Bank



Name of associates

International Commercial Commercial
Bank Senegal S.A. Senegal 20.00 20.00 Bank


8. Significant Events

On 3 June 2010, the Company announced that it had entered into a sale and
purchase agreement ("SPA") to dispose of its entire equity interest in Islamic
Bank Ltd ("ICBIB"), for a total cash consideration of BDT3.8 billion
(equivalent USD55 million). The disposal completion is pending regulatory
approval from Bank of Bangladesh.



ICBFGH's AIM nominated adviser is RFC Corporate Finance Ltd.
Contact Stephen Allen Tel: +61 8 9480 2500.



END

ICB Financial Group Holdings AG
Annual General Meeting held on 20 May 2011

ICB Financial Group Holdings AG is pleased to announce that at the Annual
General Meeting of shareholders held on 20 May 2011 all resolutions were duly
passed.



This announcement is dated 23 May 2011

The Company's AIM nominated adviser is RFC Corporate Finance Ltd. Contact
Stephen Allen or Trinity McIntyre on +61894802500.



END

ICB Financial Group Holdings AG (ICBFGH)

ANNUAL REPORT AND FINANCIAL STATEMENTS

The Company has today posted the Annual Report to shareholders and
a copy of this document is available from the Company's website at
www.icbankingroup.com. A summary of the audited Financial Statements included
within the Annual Report is provided below. For further discussion of ICBFGH's
financial performance in financial year 2010 including key results, highlights
and outlook for the current year, please refer to the Company announcement
released 14 April 2011.

This announcement is dated 16 May 2011.


CONTENTS PAGE

Consolidated Statement of Comprehensive Income 1 - 2

Consolidated Statement of Financial Position 3

Consolidated Statement of Cash Flows 4 - 5

Consolidated Statement of Changes in Equity 6 - 7


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2010

2010 2009
Notes USD'000 USD'000

Interest income 130,748 106,010
Interest expense (62,082) (56,620)
Net interest income 4 68,666 49,390
Fee and commission income 14,489 11,300
Fee and commission expense (204) (152)
Net fee and commission income 5 14,285 11,148

Foreign currency gain 6 4,200 3,258
Gains less losses from financial investments 4,613 3,116
Gains less losses from trading securities 22 72
Gain on re-measurement of investment 795 -
Other operating income 2,391 1,831
Impairment charges for loans and advances to 12 (8,171) (16,605)
customers
Fair value change in foreclosed properties 14 (389) (1,297)
Operating expenses 7 (77,434) (58,456)
Operating profit/(loss) 8,978 (7,543)
Share of results of associates 15 (490) (59)
Profit/(loss) before taxation 8,488 (7,602)
Tax expense 9 (2,257) (1,856)
PROFIT/(LOSS) FOR THE YEAR 6,231 (9,458)

Other comprehensive income:
Exchange differences on translating foreign 2,570 15,808
operations
Available-for-sale financial assets (1,191) 3,174
Other comprehensive income for the year 1,379 18,892

TOTAL COMPREHENSIVE INCOME FOR THE YEAR 7,610 9,524



CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - CONT'D
FOR THE YEAR ENDED 31 DECEMBER 2010

Notes 2010 2009
USD'000 USD'000
Profit/(loss) of the year attributable to:
- Owners of the parent 5,253 (4,119)
- Non-controlling interests 978 (5,339)
6,231 (9,458)

Total comprehensive income attributable to:
- Owners of the parent 5,535 11,263
- Non-controlling interests 2,075 (1,739)
7,610 9,524

Earnings per share
- Basic and diluted (Expressed in USD per share) 10 0.03 (0.02)



The accompanying notes form an integral part of the financial statements.


CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2010

2010 2009
Notes USD'000 USD'000

ASSETS
Cash and bank balances 11 396,204 267,247
Loans and advances to customers 12 889,950 713,824
Financial investments 13 185,810 190,966
Foreclosed properties 14 11,692 15,490
Investment in associates 15 2,351 1,791
Goodwill and other intangible assets 16 61,861 62,308
Prepaid lease payments 17 41 79
Property and equipment 18 24,221 24,584
Other assets 19 56,955 44,016
Deferred tax assets 20 4,278 3,377
Total assets 1,633,363 1,323,682

LIABILITIES
Deposits from other banks 172,801 172,338
Deposit from customers 21 1,238,678 951,796
Other liabilities 22 51,124 39,592
Tax liabilities 1,455 998
Deferred tax liabilities 20 255 232
Total liabilities 1,464,313 1,164,956

EQUITY
Paid up share capital 23 145,960 145,960
Share premium 782 782
Retained earnings 24 44,750 37,808
Other reserves 25 16,298 15,812
Equity attributable to owners
of the Company 207,790 200,362
Non-controlling interests (38,740) (41,636)
169,050 158,726
Total equity and liabilities 1,633,363 1,323,682



The accompanying notes form an integral part of the financial statements.



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010

2010 2009
USD'000 USD'000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(Loss) before taxation 8,488 (7,602)
Adjustment for :
Impairment charges for loans and advances to customers 8,171 16,605
Amortisation of prepaid lease rental 39 36
Amortisation of intangible assets 2,103 1,481
Depreciation of property and equipment 4,378 3,342
Loss/(Gain) on disposal of property and equipment 59 (24)
Gain on re-measurement of investment (795) -
Fair value changes in foreclosed properties 389 1,297
Share of results of associates 490 59
Gain on foreign exchange translation (4,200) (3,258)
Cash flow from operations before working capital changes 19,122 11,936
Increase in operating assets (184,780) (89,390)
Increase in operating liabilities 234,480 126,444
Cash generated from operations 68,822 48,990
Tax paid (1,921) (2,663)
Net cash from operating activities 66,901 46,327


CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of a subsidiary, net of cash acquired 25,454 -
Purchase of property and equipment (7,382) (7,451)
Purchase of intangible assets (1,051) (8,469)
Proceeds from sale of property and equipment 88 22
Increase investment in associate (1,717) -
Proceeds from sale of foreclosed property 511 2,888
Decrease in financial investments 36,632 5,081
Increase in financial investments (21,835) (73,420)
Net cash from/(used in) investing activities 30,700 (81,349)


CONSOLIDATED STATEMENT OF CASH FLOWS - CONT'D
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010

2010 2009
USD'000 USD'000
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid to non-controlling interests (82) -
Net cash used in financing activities (82) -

Net increase/(decrease) in cash and cash equivalents 97,519 (35,022)
Cash and cash equivalents at the beginning of the year 214,262 228,644
Effect of exchange rate changes on cash and cash (6,932) 20,640
equivalents
Cash and cash equivalents at the end of the year (Note 26) 304,849 214,262



The accompanying notes form an integral part of the financial statements.



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010

TOTAL EQUITY
ATTRIBUTABLE
SHARE SHARE OTHER RETAINED TO OWNERS OF NON-CONTROLLING TOTAL
CAPITAL PREMIUM RESERVES EARNINGS THE PARENT INTERESTS EQUITY
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000

At 1 January 2010 145,960 782 15,812 37,808 200,362 (41,636) 158,726

Profit for the year - - - 5,253 5,253 978 6,231

Other comprehensive
income:

Currency translation
differences arising from
translation to
presentation currency - - 1,081 - 1,081 1,489 2,570

Loss in fair value on
available-for-sale
securities - - (799) - (799) (392) (1,191)

Transfer of reserve to
retained earnings arising
from re-measurement of
associate - - 204 (204) - - -

Total comprehensive income
for the year - - 486 5,049 5,535 2,075 7,610

Non-controlling interest
from business combination - - - - - 2,796 2,796

Dividend paid to
non-controlling interests - - - - - (82) (82)

Acquisition of
non-controlling interests 1,893 1,893 (1,893) -

At 31 December 2010 145,960 782 16,298 44,750 207,790 (38,740) 169,050



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - CONT'D
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010

TOTAL EQUITY
ATTRIBUTABLE
SHARE SHARE OTHER RETAINED TO OWNERS OF NON-CONTROLLING TOTAL
CAPITAL PREMIUM RESERVES EARNINGS THE PARENT INTERESTS EQUITY
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000

At 1 January 2009 145,960 782 (2,655) 45,012 189,099 (39,897) 149,202

Loss for the year - - - (4,119) (4,119) (5,339) (9,458)

Other comprehensive income:

Currency translation differences
arising from translation to
presentation currency - - 13,253 - 13,253 2,555 15,808

Gain in fair value on
available-for-sale securities - - 2,129 - 2,129 1,045 3,174

Capitalisation of retained
earnings of subsidiary - - 3,085 (3,085) - - -

Total comprehensive income
for the year - - 18,467 (7,204) 11,263 (1,739) 9,524

At 31 December 2009 145,960 782 15,812 37,808 200,362 (41,636) 158,726



The accompanying notes form an integral part of the financial statements.

For more information, please contact:

Tai Terk Lin
Group CEO
Tel: +603-62016051
Fax: +603-62016053
Email: tl.tai@icbglobal.com.my

ICBFGH's AIM nominated adviser is RFC Corporate Finance Ltd.
Contact Stephen Allen Tel: +61 8 9480 2500.

ICB FINANCIAL GROUP HOLDINGS AG
(Incorporated in Switzerland)

To The Shareholders of
ICB FINANCIAL GROUP HOLDINGS AG

INVITATION TO THE
ANNUAL GENERAL MEETING OF SHAREHOLDERS

Friday, 20 May 2011 at 2.00 p.m.
(door opens at 1.45 p.m.)
Schulhausstrasse 1, CH-8834 Schindellegi, Switzerland


AGENDA

1. Approval of the annual report, the annual financial statements and the
consolidated financial statements for 2010 as well as acknowledgement of the
auditors' and group auditors' reports.

Motion proposed by the Board of Directors

The Board of Directors proposes that the annual report, the annual financial
statements and the consolidated financial statements for 2010 be approved.


2. Discharge of the acts of the members of the Board of Directors

A. Motion proposed by the Board of Directors

The Board of Directors proposes that the acts of the members of the Board of
Directors during the 2010 financial year be discharged.

B. Explanations by the Board of Directors

According to Swiss Law, it is the inalienable duty of the Annual General
Meeting of Shareholders to release the members of the Board of Directors from
their activities in the respective business year. The granting of discharge
means that shareholders who are granting discharge may not claim for the damage
caused by intentional or negligent violation of their duties as members of the
Board of Directors. This only applies on matters disclosed by the Company
before the granting of the discharge.


3. Approbation of available earnings

Motion proposed by the Board of Directors

The Board of Directors proposes that the appropriation of available earnings be
approved as follows:

CHF

Net income (2,864,058)

Retained earnings brought forward from 100,352,908
the previous year

Available income 97,488,850

Allocation to general legal reserve 0

Retained earnings carried forward 97,488,850



4. Elections to the Board of Directors

A. Motion proposed by the Board of Directors

i. Re-election of Directors

The Board of Directors proposes that Mr. Michael Robert Hanlon, Ms Josephine
Sivaretnam, Mr. René Fritschi, Dr Kenneth Kwami Kwaku, Mr. Lim Teong Liat and
Mr. Zakaria Abd Hamid be re-elected to the Board of Directors for a term of one
year as stipulated in the articles of association.

B. Explanations by the Board of Directors

i. Re-election of Directors

Mr. Michael Robert Hanlon, Ms Josephine Premla Sivaretnam, Mr. René Fritschi,
Dr Kenneth Kwami Kwaku, Mr. Lim Teong Liat and Mr. Zakaria Abd Hamid, whose
terms as members of the Board of Directors expire at the 2011 Annual General
Meeting of Shareholders, are making themselves available for re-election. Each
re-election will be carried out individually.

a. Mr. Michael Robert Hanlon has been the Chairman of the Board of Directors
and member of the Audit and Risk Management Committee since 2007. The Board
has determined him to be independent under the Company's independence
standards.

b. Ms Josephine Premla Sivaretnam has been a member of the Board of Directors,
Nomination Committee and Remuneration Committee since 2007.

c. Mr. René Fritschi has been a member of the Board of Directors since 2006.
Mr. Fritschi is the Chairman of the Nomination Committee since 2007. The
Board has determined him to be independent under the Company's independence
standards.

d. Dr Kenneth Kwami Kwaku has been a member of the Board of Directors since
2007. Dr Kwaku is the Chairman of the Remuneration Committee since 2007.
The Board has determined him to be independent under the Company's
independence standards.

e. Mr. Lim Teong Liat has been a member of the Board of Directors since
2007. Mr. Lim is the Chairman of the Audit and Risk Management Committee
since 2009. The Board has determined him to be independent under the
Company's independence standards.

f. Mr Zakaria Abd Hamid has been a member of the Board of Directors and Audit
and Risk Management Committee since 2010. The Board has determined him to
be independent under the Company's independence standards.


5. Election of BDO AG, Zurich as statutory auditors

Motion proposed by the Board of Directors

The Board of Directors proposes that BDO AG, Zurich, be re-elected as statutory
auditors for a further term of one year.


6. Electronic communication to shareholders of annual reports and accounts

A. Motion proposed by the Board of Directors

The Board of Directors proposes that the use of electronic communication to
shareholders to receive the annual reports and accounts as provided in the
Guidance Notes to AIM Rules 18 and 19 be approved.

B. Explanations by the Board of Directors

The Guidance Notes to AIM Rules 18 and 19 state that an AIM company is able to
satisfy the requirement in AIM Rule 19 to send accounts to shareholders by
sending such accounts by electronic communication to shareholders, provided
that the following requirements have been satisfied:

(i) a decision to use electronic communication to shareholders has been
approved by shareholders in a general meeting of the AIM company.

(ii) appropriate identification arrangements have been put in place so that the
shareholders are effectively informed; and

(iii) shareholders individually:

* have been contacted in writing to request their consent to receive accounts
by means of electronic communication and if they do not object within 28
days, their consent can be considered to have been given;

* are able to request at any time in the future that accounts be communicated
to them in writing; and

* are contacted alerting them to the publication of accounts on an AIM
company's website.

Electronic communication is defined in the AIM Rules as any communication sent
by e-mail or made available on an AIM's company's website pursuant to AIM Rule
26.

Schindellegi, 20 April 2011
On behalf of the Board of Directors

Michael Robert Hanlon
Chairman



NOTICE OF ANNUAL GENERAL MEETING

The annual report and the audit report as well as motions from the management
on the application of net income are open for inspection by the shareholders at
the registered office and headquarters of any possible subsidiaries.

How shareholders can exercise their voting rights

Admission and Voting Rights, Admission Cards

a) Shareholders registered in the Company's Shareholders' Register

Registered shareholders entered in the share register up to and including 17
May 2011 as shareholders with voting rights will receive, together with the
invitation to the Annual General Meeting of Shareholders, a registration and
power of attorney form that they may use to order the admission card and voting
card or to appoint a proxy. No entries conferring voting rights will be made in
the share register in the period from 18 May 2011 to the end of the Annual
General Meeting of Shareholders.

b) Attendants holding CREST Depository Interests

In the course of the listing of the shares of ICB Financial Group Holdings AG
on AIM, shares of the Company were issued to CREST International Nominees
Limited for the account of shareholders trading on AIM. These shares were
represented by CREST Depository Interests (CDIs). CDIs are uncertificated
securities constituted under English law, allowing the electronic settlement of
trades in the Company's shares via the CREST system operated by Euroclear UK &
Ireland Limited, London.

CREST members holding CDIs as legal owners on own account, CREST members
holding CDIs as legal owners (nominees) and acting upon instructions from the
beneficial owners of such CDIs who can establish through which nominee they
hold the CDIs are entitled to attend the Annual General Meeting of Shareholders
(or to be represented by proxy) and to cast their votes as proxies of CREST
International Nominees Limited.

CREST members whose names appear on the CREST register up to and including 17
May 2011 will receive, together with the invitation to the Annual General
Meeting of Shareholders a registration and power of attorney form that they or
the beneficial owners of the CDIs may use to order the admission card and
voting card or to appoint a proxy. All nominees are requested to forward the
invitation to the Annual General Meeting of Shareholders and the registration
and power of attorney form, as well as the requested admission card and voting
card to the beneficial owners of CDIs.

General Remarks

Preparation for the Annual General Meeting of Shareholders will be facilitated
by the prompt return of your registration and power of attorney form. Please
return it by 17 May 2011 at the latest to the Share register of ICB Financial
Group Holdings AG, c/o ShareCommService AG, Europastrasse 29, CH-8152
Glattbrugg, fax: +41-44-809 58 59.

There is no guarantee to handle registration and power of attorney forms which
arrive after this date. The admission cards will be sent out from 12 May 2011.

If any of the shares or CDIs recorded as votes on an admission card are sold,
the registered shareholder or CDIs attendant should present the relevant
admission card upon admission to the Annual General Meeting of Shareholders as
the associated voting rights will have lapsed.

Proxies

Shareholders with voting rights as well as CDIs attendants may arrange to be
represented by a third party by granting authority to this person in writing.
In order to grant authority the shareholder or CDI attendant must specify the
relevant person in the registration and power of attorney form. The admission
card and voting card will be sent to the shareholder. Please sign the power of
attorney on the admission card, and deliver it together with the voting card to
the authorized representative.

Alternatively, shareholders may appoint one of the following as their proxy:

- ICB Financial Group Holdings AG; or

- a bank or other professional asset manager acting as proxy for deposited
shares as specified in article 689d of the Swiss Code of Obligations; or

- Andreas G. Keller, attorney-at-law, P.O. Box 2924, CH-8021 Zurich,
Switzerland, acting as the independent proxy, with the right for substitution
(phone:+41-44-46310 03; fax:+41-44-46310 04).
To provide voting instructions please use the instruction form on the
registration and power of attorney form.

Proxy holders of deposited shares are requested to notify the Share register of
ICB Financial Group Holdings AG, c/o ShareCommService AG, Europastrasse 29,
CH-8152 Glattbrugg, fax: +41-44-809 58 59, regarding the number of shares they
represent as soon as possible, but no later than 20 May 2011, 1.45 p.m.

Unless expressly instructed otherwise, the proxies of shareholders or CDIs
attendants will exercise their votes in favor of the proposals made by the
Board of Directors. Any signed authorization forms sent in blank will be
treated as an authorization in favour of ICB Financial Group Holdings AG.




The Company's AIM nominated adviser is RFC Corporate Finance Ltd. Contact
Stephen Allen or Trinity McIntyre on + 61894802500.



END