New Silk Road Finance Awards 2017 Southeast Asia: Best Chinese bank for BRI
ICBC’s collaboration with banks and institutions in southeast Asia makes it the standout as Asiamoney’s best Chinese bank in southeast Asia for this year’s New Silk Road Finance Awards.
ICBC, which is China’s largest bank in terms of assets, has the most renminbi clearing banks in southeast Asia and is the sole RMB clearing bank in Singapore.
In 2015, ICBC opened up a renminbi clearing house in Thailand as well as a new branch in Yangon, Myanmar’s business centre.
Now that China’s Belt and Road Initiative is well under way, both Thailand, one of the region’s rising stars, and Myanmar, which has only relatively recently opened up to international investment, will benefit from the use of RMB in cross-border trade and investment alongside the increasing popularity of the renminbi in the world currency market.
In the capital markets, ICBC, along with BNP Paribas, Credit Suisse, Hong Leong Bank and RHB Bank Berhad in Malaysia, are working on the initial public offering of Malaysian-Chinese firm Edra Energy on the Malaysian stock exchange, which is expected to go ahead in November.