Property owners and developers are the initial target clientele.
ICBC Singapore is venturing into the provision of investment banking services following accreditation as an issue manager from the Singapore Exchange Ltd, according to a press release.
The bank’s initial focus will be on real estate developers and owners in Tier 1 and 2 cities in China as potential listing candidates for REITs and Business Trusts on SGX. However, ICBC also plans to cater to healthcare, consumer and tech companies for non-REITs/BT IPOs.
Corporate finance advisory services which include follow-on fund raisings, reverse takeovers, M&A advisory services, private equity and pre-IPO fund raisings in Singapore, Malaysia, and Indonesia are another area of business focus.
“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,” said ICBC Singapore deputy general manager Geng Hao. “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.”
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