Industrial and Commercial Bank of China (ICBC) celebrates listing a 400 million USD bond on Nasdaq Dubai
Bell-ringing by CFETS reflects rapid growth of Dubai’s financial relationship with China
Bond supports ICBC’s strategic expansion across Middle East
Wang Hongbo, Executive Vice President of China Foreign Exchange Trade System (CFETS), today rang the market-opening bell to celebrate the listing of a 400 million US dollar bond issued by Industrial and Commercial Bank of China Dubai (DIFC) Branch, on Nasdaq Dubai.
The listing is the second bond that ICBC has brought to the Middle East’s international financial exchange, underlining the expansion of the bank’s activities across the region as well as the growing financial relationship between Dubai and China.
The bell ceremony took place in the presence of His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC)and Chairman of Dubai Financial Market (DFM); Shen Jun, General Manager CFETS FX Market Department; Xu Lei, Chief Dealer, ICBC Head Office Global Market Department; and Zhou Xiaodong, General Manager of ICBC Dubai (DIFC) Branch; Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai; and Hamed Ali, Chief Executive of Nasdaq Dubai.
Zhou Xiaodong, General Manager of ICBC Dubai (DIFC) Branch, said: “Our latest bond listing on Nasdaq Dubai demonstrates our growing commitment to the Middle East region, as we further develop our operations including trade and investment financing as well as lending facilities for Chinese and regional companies. ICBC will remain at the forefront of China’s burgeoning financial relationship with Dubai and the UAE, as the gateway to the wider MENA region.”
Trade between the UAE and China reached 54.8 billion US dollars in 2015, a 16% annual increase over the previous six years.
His Excellency Essa Kazim, Governor of DIFC and Chairman of DFM, said: “Overseas issuers can list in Dubai with global visibility in a well regulated environment, benefiting from the depth and breadth of the capital markets knowhow and connections that Dubai has developed. We are delighted to host ICBC’s listing as part of our growing partnership with China on a financial, commercial and cultural level.”
Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “Nasdaq Dubai is well placed to support the capital-raising activities of a range of Chinese businesses operating in diverse industry sectors. As the exchange expands as a platform where issuers and investors from around the world can meet, we are preparing the ground for further listings from China in a range of asset classes.”
Hamed Ali, Chief Executive of Nasdaq Dubai, said: “Nasdaq Dubai’s close links with regional and international brokers, combined with our first class pre- and post-listing infrastructure, continue to attract issuers of debt instruments from around the world. We will further enhance our listing procedures and processes to meet the requirements of all our issuers.”
ICBC’s 400 million US dollar bond listed on June 19, 2016. It follows a 500 million US dollar bond listing by the bank in May 2015. Bond listings on Nasdaq Dubai by Chinese banks currently total 1.98 billion US dollars.