London Stock Exchange welcomes Industrial and commercial Bank of China Limited, London Branch
London Stock Exchange today ICBC London Branch, to mark the listing of ICBC’s $10 billion EMTN Programme and the subsequent debut issue of $300 million bond. The three year bond is the first dollar denominated issue by a Mainland Chinese bank on London Stock Exchange’s Main Market.
Madam Jin Chen, General Manager, Industrial and Commercial Bank of China Limited, London Branch said:
“We are proud to have listed our MTN programme on the LSE Main Market; this is a first not only for the ICBC Group but also for a Mainland Chinese bank emphasizing the UK’s importance to our global strategy. This has been evidenced by the establishment of ICBC London branch in 2014 and the growing economic ties between the UK and China. The success of our debut issue shows that despite increasingly difficult market conditions the ICBC name and credit story continues to be well supported in the market.”
ICBC operates principally in Mainland China, and has an overseas network covering 42 countries and regions. On 8 September 2014, the Prudential Regulation Authority and the Financial Conduct Authority authorised the Bank to establish a branch in London. ICBC was the first bank branch to be established in the UK by a Mainland Chinese bank since the founding of the People’s Republic of China in 1949. It is also the first branch by a foreign bank from non-EEA countries authorized by UK regulators under the new regulatory regime. The establishment expands the Bank’s capacity in the UK, particularly in the UK wholesale financial services markets, to support further business and trade development between the UK and China. ICBC London provides a range of diversified financial products to its Chinese, UK and international clients in various sectors including commodities, manufacturing, commercial real estate and financial services. Products offered include commercial lending (syndicated loans), trade finance, clearing and cash management. ICBC London uses the Group’s advantages and regional resources to provide comprehensive financial services for Chinese and international companies globally while attracting target customers on the local market.