Since the beginning of this year, ICBC London Branch has deeply carried out the "Spring Xu Action", relying on the comprehensive advantages of the group's RMB business, actively supporting the demand for RMB investment and financing business from customers in the UK and other regions. As of the end of May 2023, the scale of cross-border RMB trade financing has reached a historic high, with a year-on-year growth of over 400%.

ICBC London Branch provides RMB financing services for local large asset management companies for the first time

Recently, ICBC London Branch successfully obtained a two-year RMB loan for a large UK asset management company. After the RMB financing is withdrawn locally in the UK, it will be returned to the Chinese market through cross-border investment to support the localized development of customers' subsidiaries in China.

This non bank financial institution is headquartered in London and is a large independent asset management company worldwide. It provides asset management services to institutional and individual clients in over 80 countries and regions, with assets under management exceeding $600 billion. This institution attaches great importance to the Chinese market and remains firmly optimistic about the prospects for China's economic development. Among them, the state-owned subsidiary was one of the earliest asset management companies (WFOE) to obtain fundraising and investment management within China.

This business is the first time that ICBC London Branch has provided RMB financing services to a large local asset management company. It not only avoids exchange rate losses caused by the repeated exchange of pounds and RMB for customers, reduces financing costs, but also provides more local financial institutions in the UK with RMB service options, which has played a positive role in expanding the use of RMB in the London financial center market. At the same time, the return of RMB financing to the Chinese market has facilitated the closed-loop use of cross-border RMB capital flow, playing a good market demonstration role.

Next, ICBC London Branch will continue to deeply tap into the local market, consolidate the preferred Chinese bank brand for financial institution business, and actively provide comprehensive financial service support for economic and trade exchanges and economic cooperation between China and the UK.

Industrial and Commercial Bank of China London Branch Achieves Results in Promoting the Use of RMB by Multinational Enterprises

With the steady progress of Internationalization of the renminbi in recent years, ICBC London Branch attaches great importance to the development of cross-border RMB business and actively promotes the use of RMB by large multinational enterprises. As a headquarters service bank for many multinational enterprises, ICBC London Branch leverages the advantages of an international financial center, actively innovating around customers' upstream and downstream supply chains, embedding RMB settlement, financing and other products into customers' comprehensive financial solutions, and making positive progress.

In cooperation with a global commodity trading client, ICBC London Branch has long provided financial services such as USD denominated letter of credit notification, confirmation, and discount.

In recent years, as commodity traders gradually embed the RMB into the core links of their international supply and industrial chains, and accept the RMB as the settlement currency, the usage rate of the RMB in commodity transactions has been increasing year by year. ICBC London Branch accurately grasps the timing of RMB business and the characteristics of the customer's upstream and downstream trade transactions, and increases the promotion of its RMB business from the customer's trade chain. ICBC London Branch leveraged the RMB business advantages of ICBC Group to handle export bills/discounts under RMB letters of credit for customers, timely meeting their capital and cost management needs. The embedding of RMB business cooperation further enhances customers' confidence in using RMB, which is conducive to leveraging the joint efforts of ICBC Group to create more global business cooperation opportunities.

ICBC London Branch Solely Leading the Backup Letter of Credit Business of Bridge Insurance Group in the UK

In December 2022, ICBC London Branch served as the exclusive lead arranger, syndicate agent, and bookkeeper, collaborating with three syndicate member banks to open a £ 350 million standby letter of credit for Bridge Insurance Group in the UK, providing support for its participation in the London insurance market. This is the first time a Chinese bank has served as the lead bank for such business in the local market, which is a milestone for Chinese banks to actively participate in the international insurance market business.

With a history of nearly 100 years, Bridging House Insurance Group is a global reinsurance company and special insurance expert ranking top in the British Lloyd's of London's market. In 2021, the premium income will be about 13.337 billion yuan, covering more than 200 countries and regions around the world and all countries along the "the Belt and Road". The group was fully acquired by China Re Group in 2019, which is the largest reinsurance premium scale in Asia and the eighth largest in the world.

ICBC London Branch Solely Leading the Asian Syndicate Project of Large Financial Institutions in the UK

In October 2022, ICBC London Branch successfully organized the first US dollar Syndicated loan for Asian investors for a large financial institution in the United Kingdom, helping the customer enter the Asia Pacific market and broaden the source of funds. ICBC London Branch serves as the exclusive lead and bookkeeping bank for this syndicated project.

ICBC London Branch's Internal and External Linkage Achieves New Breakthrough in Non Bank Financial Institution Business

In September 2022, Industrial and Commercial Bank of China London Branch, Industrial and Commercial Bank of China Canada and Shanghai Branch successfully completed the signing and first withdrawal of a $4 billion bridge loan syndicated project for a key industry fund customer through close collaboration.

This client is a globally renowned industry fund, with business areas covering renewable energy, infrastructure, corporate mergers and acquisitions, and the real estate industry, with investment projects spanning the globe. The timeliness requirements for this syndication are high. Industrial and Commercial Bank of China London Branch, ICBC Canada and Shanghai Branch overcame factors such as time difference and epidemic, and efficiently completed the due diligence and review approval process of the project through internal and external linkage, winning the praise and trust of customers.

ICBC London Branch Achieves New Breakthrough in Non Bank Financial Institution Business

In July 2022, ICBC London Branch successfully signed a Syndicated loan agreement with a customer who is one of the world's largest financial transaction brokers, realizing the bank's new breakthrough in the business field of non bank financial institutions.

Industrial and Commercial Bank of China London Branch Landing RMB Trade Financing Business in Africa

In April 2022, Industrial and Commercial Bank of China London Branch successfully processed RMB trade financing business for a financial institution in Africa to support a key Chinese enterprise in exporting local equipment.

This is the first RMB financing for Industrial and Commercial Bank of China London Branch in Africa, helping to stabilize the supply chain industry chain while increasing the willingness of African customers to use RMB. The bank learned from daily communication that a certain bank in Africa has international settlement and financing needs for Chinese clients. Due to strict local foreign exchange quota controls, the settlement and financing of foreign exchange currencies face significant difficulties. To address the relevant needs of customers, Industrial and Commercial Bank of China London Branch proposed the use of RMB for cross-border trade settlement and financing based on in-depth communication with this African financial institution, which received active cooperation from customers.

Industrial and Commercial Bank of China, London Branch successfully organized a $1 billion Syndicated loan for Mauritius Commercial Bank

In 2021, ICBC London Branch successfully organized a $1 billion Syndicated loan for Mauritius Commercial Bank. This loan is the largest Syndicated loan organized by African corporate customers so far this year.

Innovative trade financing mode ICBC London Branch handled Import financing business for the first time

In July 2021, London Branch cooperated with local British banks to handle Import financing business for an internationally renowned bulk commodity importer for the first time through the innovative model of fake usance letter of credit+import bill purchase under the framework of risk participation. While consolidating and deepening customer relations, it achieved innovation and breakthrough in the cooperation model with agency banks.

Industrial and Commercial Bank of China London Branch issues the first Chinese bank GBP bond

In July 2021, ICBC London Branch completed the issuance of the first Medium term note denominated in sterling publicly issued by a Chinese bank, and disclosed relevant announcements on the London Stock Exchange, Shanghai Stock Exchange and the Stock Exchange of Hong Kong on July 29, 2019.

Industrial and Commercial Bank of China London Branch completed the pricing of £ 600 million in three-year fixed interest bonds on July 24th, which is also the first publicly issued GBP bond by a Chinese bank.

The GBP bonds issued this time have been sought after by high-quality local investors in the UK and have attracted multiple international investors who have invested in Chinese overseas bonds for the first time. In April of this year, ICBC London Branch successfully issued £ 200 million of three-year floating rate bonds through private placement.

Industrial and Commercial Bank of China London Branch Successfully Assisted Agricultural Bank of China London Branch in Issuing First US Dollar Bond

In May 2021, Industrial and Commercial Bank of China, London Branch, as the joint lead bank and joint bookkeeping manager, successfully assisted Agricultural Bank of China, London Branch to issue $300 million of Regulation S senior unsecured fixed interest rate bonds.

This issuance is the first time that Agricultural Bank of China London Branch has publicly issued US dollar bonds in overseas capital markets. The bond rating is Moody's A1, with a maturity of 3 years and a coupon rate of 0.8%. The total order amount exceeds 1.5 billion US dollars, with a subscription multiple of over 5 times. It has successfully attracted many high-quality investors from Asia, Europe and other regions to subscribe, with investors covering institutions such as central banks, commercial banks, funds, and asset management companies.

Industrial and Commercial Bank of China London Branch Successfully Completed the First Green Loan Financing in EMEA Region

On September 23, 2019, Industrial and Commercial Bank of China London Branch signed a green loan financing agreement equivalent to 370 million US dollars with British HSBC, BNP Paribas, Bank of America Merrill Lynch and Standard Chartered Bank of England at the SWIFT Annual Conference of the World Bank Financial Telecommunication Association, and appointed Bank of New York as the agent for this financing. Industrial and Commercial Bank of China became the first global bank in EMEA to raise green financing under the Green Loan Principles (GLP) launched in 2018. This green financing further highlights ICBC's firm commitment to supporting the transformation of the green economy and the development of global green finance.

The main characteristics of this green loan financing are:

The world's first dual currency green loan financing in pounds and dollars;

Currently, the largest single amount of pure green loan financing;

The selection of green assets meets the requirements of ICBC's green loan financing framework;

Green financing is fully used to support loans for green industry projects such as wind power and environmental protection;

The selected green assets will be certified by leading global auditing agencies.