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• Listing by world's largest bank underlines Dubai's successful growth as a global financial centre
• Bond supports expansion of ICBC's activities in Middle East and beyond
Dubai - Zhou Xiaodong, General Manager of the Dubai (DIFC) Branch of Industrial and Commercial Bank of China (ICBC), the world's largest bank by assets, today rang the market-opening bell to celebrate the listing of a 500 million US dollar bond on Nasdaq Dubai.
The listing, the first ever by ICBC in the Middle East, underlines Dubai's successful growth as a global financial centre. As the international exchange serving the region, Nasdaq Dubai provides an excellent listing venue for Chinese businesses that are active in the region and beyond.
The bell ceremony took place in the presence of His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC) and Chairman of Dubai Financial Market (DFM); Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai; and Hamed Ali, Chief Executive of Nasdaq Dubai.
Zhou Xiaodong, General Manager of ICBC, Dubai (DIFC) Branch, said: "Our listing on Dubai's international financial exchange promotes the global visibility of our bond, which received strong interest from investors in the region as well as Asia and Europe. Our decision to raise capital in the Middle East underlines our growing commitment to the region as we expand our operations and further strengthen our commercial links with a growing number of business participants."
His Excellency Essa Kazim, Governor of DIFC and Chairman of DFM, said: "Dubai's growing capital markets links with China underline the Emirate's role as a successful international financial centre that attracts participation from around the world. This substantial listing by ICBC reinforces the expanding role of Dubai as a centre for activity by Chinese companies, supporting the valuable contribution that they are making to international economic development and wealth creation."
The total nominal value of all conventional bonds listed on Dubai's exchanges has reached 11.32 billion US dollars, the largest total of any exchange in the region.
Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: "The exchange is committed to further strengthening the capital markets connections between our region and Asia as well as the rest of the world. Nasdaq Dubai's close links with international and regional investors, combined with our first class regulation and infrastructure, provide excellent opportunities for all market participants."
Hamed Ali, Chief Executive of Nasdaq Dubai, said: "Nasdaq Dubai looks forward to welcoming further listings from China in a range of asset classes as we respond to the increasing interest in our market being shown by potential issuers. The exchange is well placed to support the rapidly growing activities of a range of Chinese businesses active in diverse industry sectors."
The listing of ICBC's 500 million US dollar bond on Nasdaq Dubai took place on May 27, 2015.
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About Nasdaq Dubai
Nasdaq Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, Sukuk (Islamic bonds), conventional bonds and Real Estate Investment Trusts (REITS).
The majority shareholder of Nasdaq Dubai is Dubai Financial Market with a two-thirds stake. Borse Dubai owns one third of the shares. The regulator of Nasdaq Dubai is the Dubai Financial Services Authority (DFSA). Nasdaq Dubai is located in the Dubai International Financial Centre (DIFC).
About ICBC
Industrial and Commercial Bank of China Limited (ICBC) was established on 1 January 1984. On 27 October 2006, ICBC was successfully listed on both SSE and SEHK. Through its continuous endeavour and stable development, ICBC has developed into the top large listed bank in the world, possessing an excellent customer base, a diversified business structure, strong innovation capabilities and market competitiveness. ICBC has its presence in six continents, and its overseas network has expanded to 41 countries and regions. By virtue of its outstanding performance, ICBC has become one of the most valuable financial brand in the world. In 2014, ICBC was awarded the "Bank of the Year" by The Banker, ranked the first place among the Top 1000 World Banks by The Banker and the largest enterprise in the world among the Global 2000 listed by the US magazine Forbes for the second consecutive year.
ICBC is the earliest Chinese bank to extend its operation in Middle East. In October 2008, ICBC Middle East Limited officially commenced business. In November 2013, ICBC Middle East Limited dissolved and ICBC Dubai (DIFC) Branch was established in its place. At present, ICBC Dubai (DIFC) Branch can provide an extensive range of services to local and overseas customers, forming a diversified and internationalized operating structure focusing on commercial banking business and maintaining a leading position in Chinese banks in UAE.
© Press Release 2015
