ICBC signs five deals to boost commitment to infrastructure, financing efforts

INDUSTRIAL and Commercial Bank of China (ICBC), the world's largest lender by assets and Singapore's sole yuan-clearing bank, has signed five milestone agreements to cooperate with organisations across Singapore and China.

The agreements will see ICBC Group partnering Singapore Press Holdings (SPH), Singapore Business Federation (SBF) and Singapore Exchange, as well as Sinochem International Corporation and Surbana Jurong, ICBC said in a statement on Monday.

The agreements, aimed at strengthening ICBC's commitment to infrastructure partnership and financing efforts, were signed at the inaugural forum hosted by ICBC, titled "Infrastructure Partnership and Financing in One Belt, One Road - Challenges and Opportunities".

The event was graced by Singapore's Minister for Trade and Industry (Trade) Lim Hng Kiang, ICBC group chairman Yi Huiman, China's Ambassador to Singapore Chen Xiaodong, SPH chief executive Alan Chan, and Surbana Jurong and Changi Airport Group chairman Liew Mun Leong.

In a separate joint statement on Monday, SBF and ICBC said ICBC Singapore will extend up 50 billion yuan (S$10.2 billion) to SBF member companies in project financing and other related professional services in the "One Belt, One Road" infrastructure investments.