Chinese bank ICBC has announced that it will set up its Asia-Pacific Shipping Finance Centre in Singapore. The finance centre will allow ICBC to securitize its shipping loans by tapping the Singapore bond market, among other activities.
The announcement was made at the 2nd RMB Internationalisation Summit in Singapore today.
At the event, ICBC has signed a memorandum of understanding with International Enterprise Singapore, to expand partnerships in infrastructure opportunities. Under the agreement, ICBC will provide financing services to support Singapore companies in infrastructure projects across Asia.
ICBC Leasing, the financial leasing arm of ICBC, is one of the largest owners of shipping assets in China, controlling over RMB44bn ($6.7bn) worth of vessels and offshore platforms.
