China : ICBC-backed "Go Global" Projects Double in the First Half Year.
According to an official with ICBC, the Bank has maintained positive momentum in supporting Chinese enterprises going global despite sluggish global economic recovery, which primarily arises from "Road and Belt" initiative and accelerating international capacity cooperation, as well as a series of measures by ICBC to improve its ability to serve "Go Global" initiative.
In service network, ICBC has been steadily driving internationalization along with the progress of China's economic globalization in recent years. Currently, its oversea service network has covered 61 countries and territories with 123 institutions established in 18 countries and territories along the "Road and Belt".
In terms of project reserves, by the end of the first half year, ICBC has 504 projects with a total investment of USD 441 billion, in which 211 projects worth RMB 213.2 billion are under the "Road and Belt" initiative, basically covering all key fields of "Road and Belt" initiative including power, telecommunication, resource and infrastructure.
In service system, ICBCs overseas institutions have continued to strengthen localized service capability, seeking aligned development by integrating with local economic and financial system. In addition, front end services have been strengthened by establishing country-specific teams to develop strategic cooperation with sovereign clients.
In service innovation, ICBC has been committed to support enterprises going global and overseas acquisition. In the first half year, it led 23 oversea acquisition projects with a total transaction value of USD 46.6 billion, including financing support to SDIC's acquisition of Britains offshore wind power project, Joyson Electronics's acquisition of KSS, the fourth largest automobile security system manufacturer, Midea's acquisition of KUKA (Germany), BG's acquisition of EEW (Germany) and other large acquisition and merge projects.
In addition, ICBC has been actively adapted to diversified financing service need of enterprises going global by developing simply loan support into a comprehensive service model of "commercial banking + investment banking + customization" providing comprehensive financial product portfolio, including underwriting and issuance of oversea bonds, high-end financial consulting, equity financing, future foreign exchange settlement, interest rate swap, currency swap, RMB cross-border service, global cash management and overseas asset management. In support for "Road and Belt" initiative, ICBC has been boosting integration between commercial banking and investment banking, between investment and lending to provide full-suite financial services to enterprises going global, including global cash management, localized financing, RMB settlement, overseas financing and investment.
[c] 2016 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Date:||Sep 20, 2016|
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