CEE & Central West Asia: Best Chinese bank in the region for BRI 2019
With the inauguration last year of Astana International Financial Centre (AIFC), Kazakhstan is rapidly emerging as a hub for Belt and Road financing, as well as for transportation. China International Capital Corporation (CICC) has positioned itself at the heart of this initiative and as a key conduit for Chinese investment and financing into Kazakhstan. In 2017, the bank signed a strategic cooperation agreement with AIFC to provide advice on the development of local capital markets and technical support for Astana’s new stock exchange.
In June 2018, its Hong Kong subsidiary obtained accreditation as a recognized non-AIFC member and in October became the first international investment bank to obtain trading membership of Astana International Exchange (AIX).
CICC has also established close ties with Kazakh government institutions, including with the sovereign wealth fund Samruk Kazyna, which is overseeing an ambitious programme of sales of state assets.
In November, it was the only Chinese investment bank tapped to lead the first public privatization under the initiative, the $450 million IPO of uranium mining company Kazatomprom. The firm was listed on the London Stock Exchange and AIX, with CICC providing market liquidity on the latter.
CICC has also undertaken to assist Kazakh authorities in promoting AIX and AIFC in China and Hong Kong, and in July it helped organize the Astana International Capital Markets Forum for the second consecutive year.
In addition, the bank has established close ties with financial institutions and enterprises at all levels in Kazakhstan, and has committed to actively invest resources to promote Belt and Road-related investment and financing in the country.