16 April 18 The Business Times by JAMIE LEE
THE Industrial and Commercial Bank of China's Singapore branch (ICBC) is launching investment banking services here. This comes as the bank's branch received accreditation as an issue manager from Singapore Exchange (SGX).
Geng Hao, deputy general manager of ICBC Singapore, said in a media release that the bank's initial focus will be on real estate developers and property owners in Tier 1 and 2 cities in China as potential listing candidates for real estate investment trusts (Reits) and business trusts on SGX. It also plans to offer corporate finance advisory services, targeting not just Chinese firms, but also companies from South-east Asia.
Ms Geng said: "With the continuous progression of Belt and Road Initiatives, as well as the increase in economic cooperation between China and Singapore, we have seen strong interest from Chinese companies to tap into Singapore's capital markets.
"As China's largest bank and the official RMB clearing bank of Singapore, ICBC Singapore will continue to work closely with SGX to promote Singapore's capital markets to Chinese businesses."
Mohamed Nasser Ismail, SGX's head of equity capital market (SME) and head of capital market, said the exchange and ICBC have been working closely to promote the Singapore capital market to Chinese companies.
"We are excited to see ICBC now joining the pool of growing capital market professionals in Singapore, and look forward to seeing ICBC bring quality new listings to the Singapore market," he said in a statement.
ICBC Singapore is the first overseas institution of ICBC Group, and holds a Qualifying Full Bank Licence. It offers a full range of financial products and services.