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ICBC Leads Companies To Go Global
Post Time: 08/06/2018

Since 2017, the Industrial and Commercial Bank of China (ICBC) has actively responded to the Belt and Road Initiative and supported the development of key companies along the Belt and Road by offering them credit funds.

By the end of 2017, ICBC had provided six companies with financial support for their production and operation. Apart from meeting their need for circulating capital, it also offered them preferential interest rates. Moreover, according to the particular situations of the companies, the bank required different kinds of guarantees and repayments. The financial support of these key companies ensures the smooth running of their projects along the Belt and Road.

For example, a manufacturing company has established a harmonious collaborative relationship with ICBC since 2005. The bank provided the company with credit funds and preferential interest rates, which reduced its fiscal costs and boosted its development.

For the companies aiming at international expansion and participating in the Belt and Road, ICBC has established and completed a global network of financial services for electric power, transportation infrastructure, manufacturing and renting, resources, and international bank consortium and asset transactions. In addition, ICBC has established a special financing team for international expansion projects, a team for the inspection of overseas projects, a team for the development of national projects, and a team for global asset transactions. These teams are responsible for developing key national projects and establishing a comprehensive model of financial service integrating companies with investment banking and customization. The bank has thus transformed its services from following companies who are “going global to leading companies into “going global.

For major projects on the Belt and Road which are in line with ICBC’s credit policies, the bank can offer financing support, which is approved and settled in accordance with the total investment of the projects. For projects with large investments, the corresponding financing amounts can be large. In addition, ICBC can help companies look for banks that will set up consortia to provide syndicated loans in order to meet the funding needs of the companies.

With its overseas business network, ICBC actively participates in the construction of the Belt and Road, seeks global opportunities for companies, realizes internationalization, and provides comprehensive financial services. Since 2016, Jinhua ICBC has cooperated with Thailand ICBC, issuing letters of intention for loans of 3 billion Thai Bhat and 700 million Thai Bhat to two of Jinhua’s companies that had construction projects in Thailand. In 2016, ICBC granted two overseas loans amounting to 7.7 m RMB to a Jinhua company.

In 2017, a technology company intended to invest in Đồng Nai Province, Vietnam. ICBC followed the entire process and kept close contact with the company to obtain the information in real time. The ICBC Hanoi branch soon met with the representatives of the company in Vietnam. In April 2017, ICBC visited the company with relevant personnel from ICBC Hanoi and ICBC Asia. In May, relevant personnel of the ICBC provincial branch again went to the branch office of the company in Nantong to learn about the business operations of the company. Through multi-party negotiation, the preliminary financing plan for the company has been drawn up. (Translated by Jin Haiqiong, edited by Kendra Fiddler)


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