Industrial and Commercial Bank of China (ICBC) has introduced investment banking services in Singapore after securing accreditation as an issue manager from Singapore Exchange (SGX).
ICBC Singapore deputy general manager Geng Hao said: “With the continuous progression of Belt and Road Initiatives (“BRI”) 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.”
According to Hao, ICBC Singapore will initially focus on healthcare, consumer and technology as well as real estate developers and property owners in China’s first and second-tier cities as potential listing targets in Singapore.
The bank will eventually focus on corporate finance advisory services such as follow-on fund raisings, reverse takeovers, mergers and acquisitions advisory services, private equity as well as pre-IPO fund raisings, targeting companies from Singapore, Malaysia and Indonesia, Hao added.
ICBC Singapore obtained a full banking licence in 2012 and already provides corporate banking, financial institutional banking, global cash management, private banking along with retail banking services in the region.
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