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AwardsNew Silk Road Finance Awards

Southeast Asia: Best Chinese Bank in the Region for BRI 2019

ICBC (Asia)

Gao Ming, Chairman, ICBC Asia.JPG
Gao Ming, ICBC Asia

This award, while hotly contested, only really had possible one winner. Under its chairman, Gao Ming, Hong Kong-based ICBC (Asia) – which is a subsidiary of Industrial and Commercial Bank of China – has become a regional powerhouse in syndicated lending in a remarkably short space of time.

Its financial muscle enabled it to extend a mix of term loans and syndicated loans to a number of projects and corporates scattered across southeast Asia over the last 12 months.

Pick of the bunch were: a $100 million syndicated loan disbursed to Xian-based mono-crystalline solar panel maker Longi, to expand its manufacturing base in the Sama Jaya Industrial Zone in Sarawak; a $65 million syndicated loan disbursed to Indonesian group Astra International; and a $50 million syndicated loan channelled to Indonesian state power producer PLN.

Over the last 12 months, ICBC (Asia) has extended $263 million in term and syndicated loans to half a dozen of southeast Asia’s leading corporates, including the Manila-based conglomerate San Miguel Corporation, with a clear focus on deals that span the food, power, oil and gas, and manufacturing sectors.

The Hong Kong-based but China-controlled financial institution is also exploring the softer aspects of financial and corporate development, hosting a BRI forum in Hong Kong that attracted corporate clients and government officials from across Greater China and the Asean region.

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