China’s biggest bank intends to focus its attention on building its ship finance business in Singapore.
International Commercial Bank of China intends to expand its base in Singapore after just receiving a full banking license last week to operate in Singapore. It expects the license to help it do better business in Asia.
ICBC is also China’s top ship financing bank and is currently increasing its exposure to international trade. About 30% of ICBC’s sip financing business emanates from China while 70% comes from overseas. Most of its overseas business, however, is with the overseas affiliates of Chinese multinational corporations.
ICBC said most of its ship finance services are international business. It also counts big Chinese shipping companies such as COSCO and China Shipping among its clients.
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