United Arab Emirates based Commercial Bank Industrial and Commercial Bank of China Ltd [Dubai DIFC] has finalised a private placement in the CNY Fixed Rate Poon Choi Certificate of Deposit market. The financing matures in 2028 and was executed by a single dealer.
A Poon Choi bond is an HKD-denominated bond issued by a non-Hong-Kongese entity in the Hong-Kongese Foreign Bond market.
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| Issuer Details | |
| Issuer | Industrial and Commercial Bank of China Ltd [Dubai DIFC] |
| LEI | 254900RYF4STUN5BW294 |
| Industry | Bank - Commercial |
| Country | United Arab Emirates |
| Issuer Description | ICBC Dubai Branch operates as a subsidiary of Industrial and Commercial Bank of China.Industrial and Commercial Bank of China Limited ("ICBC"), which was incorporated in the People’s Republic of China on 1st of January in 1984, is now one of the largest commercial banks in the world.In October 2008, the opening of Industrial and Commercial Bank of China (Middle East) Limited ( regulated by the Dubai Financial Services Authority) and Industrial and Commercial Bank of China Limited, Doha (QFC) Branch (regulated by the Qatar Financial Centre Regulatory Authority) allows ICBC to become the pioneer among the Chinese financial institutions for the Middle East market. With strong support from its Head Office located in Beijing, ICBC's Middle East operation became the earliest overseas institution to implement a centralised regional management framework. Since the commencement of ICBC's Middle East operations, it is able to achieve outstanding financial results with total asset size in excess of USD 600 million.At the same time, Industrial and Commercial Bank of China Limited - Abu Dhabi Branch (regulated by the Central Bank of United Arab Emirates) has granted a wholesale banking license, allow ICBC to gain excess to the UAE local markets and further expand its network within the region.In November 2013, Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch (regulated by the DFSA) formally commenced operation, allowing ICBC to continue its business expansion and increase its abilities to better serve its clients, to further enhanced the strong business ties between China and GCC region.ICBC's Middle East operation aims to develop into the most profitable unit per capita, while increasing its regional influential to become one of the most respectable bank in the Middle East abundant marketing resource. |
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| Trade Details | |
| Security Type | CD |
| Amount | CNY [Login to see full details] |
| Total Amount including taps | CNY [Login to see full details] |
| Total Amount Outstanding | CNY [Login to see full details] |
| Total Order Book | CNY [Login to see full details] |
| Structure | Fixed Rate |
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A Poon Choi bond is an HKD-denominated bond issued by a non-Hong-Kongese entity in the Hong-Kongese Foreign Bond market.
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