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ICBC Keeps Enhancing the Supply of Financial Services to Manufacturing Sectors

Manufacturing is an important part of the national economy, the foundation for building the nation, the weapon for prospering the nation and the cornerstone for strengthening the nation. Over past years, Industrial and Commercial Bank of China (ICBC) has always held fast to serving the ultimate source of the real economy, energetically driven manufacturing transformation and upgrade with financial services and lifted the supply of financial services to manufacturing sectors, particularly advanced manufacturing sectors. As at the end of 2018, ICBC recorded a loan balance of RMB1.38 trillion granted to the manufacturing sectors, steadily ranking atop the financial sector, including a loan balance of more than RMB500 billion granted to the advanced manufacturing sectors.

It is introduced that ICBC has continually enhanced its financial service supply capacity, actively developed a full spectrum of diversified services, including financial advisory service, bonds underwriting, debt restructuring, leasing + factoring, equity financing and industrial fund, and provided advanced manufacturing sectors with financial services featuring all product lines and diverse channels. The Bank has done these work to cater to diversified financial service demands of manufacturing sectors and help enterprises cut down costs and increase their benefits by means of different financing modes and channels. In particular, ICBC has played an active part in the financing of new projects initiated by leading panel manufacturers, including BOE and China Star Optoelectronics Technology Co., Ltd., in the chip, screen and other core technology areas. Also, the Bank participated in the bridge loan of EUR200 million in Tsinghua Unigroup’s acquisition of the French chipmaker Linxens as the only Chinese bank. In the petrochemical sector, the Bank has provided a batch of large petrochemical projects of Sinopec and Zhejiang Petrochemical Co., Ltd. with the financing services in excess of RMB50 billion to actively support China’s strategic blueprint of seven petrochemical industry bases. In the shipbuilding sector, the Bank has issued a 3-year bond in an amount of USD485 million and a 5-year bond in an amount of EUR300 million for China State Shipbuilding Corporation Limited as the global number one coordinator. It is the first time that a Chinese shipyard has simultaneously offered a dual-currency bond in US dollar and Euro in the international capital market.

Meanwhile, the Bank has actively supported the development of Chinese brands and private enterprises, helped advanced manufacturing enterprises enhance the level and grade of international cooperation, and promoted major industries to go global and become more competitive on the international arena. For example, it has offered a working capital loan in an amount of THB2.1 billion to SAIC Group Thailand, participated in the mixed ownership program of FAW Group and the industrial fund oriented to intelligent manufacturing application as the exclusive banking investor, and provided an M&A loan in an amount of EUR200 million for Geely to acquire an equity in Volvo Trucks, helping the excellent private enterprise deliver its global strategy.