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.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Tesla’s plan for affordable cars takes page from Detroit rivals
Meituan to debut in Riyadh as expansion beyond China quickens
Mapletree Industrial Trust to distribute S$13 million of divestment gains over next 4 quarters
K-pop agency Hybe’s internal strife wipes out 1.2 trillion won
Beijing city to subsidise domestic AI chips, targets self-reliance by 2027
Hong Kong bourse regains favour on hopes of a market revival