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About ICBC Singapore

Industrial and Commercial Bank of China (ICBC) Group is China’s largest bank and the world’s largest bank by total assets.

ICBC has become the top large listed bank in the world through stable development and a continuous endeavour to support their strong customer base with a diversified business structure, pioneering innovation capabilities and market competitiveness.

ICBC has its presence in six continents, and its overseas network has expanded to 41 countries and regions. The Bank provides comprehensive financial products and services to 5,090 thousand corporate customers and 465 million personal customers by virtue of the distribution channels consisting of 17,122 domestic institutions, 338 overseas institutions and 2,007 correspondent banks worldwide, forming a diversified and internationalised operating structure focusing on commercial banking business and maintaining a leading position in the domestic market in the sector.

In 2014, the Bank was named the “Global Bank of the Year” by The Banker, and has 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 several times.

Established in 1993, ICBC Singapore is the first overseas branch established by ICBC Group outside Greater China, and the only authorised RMB Clearing Bank in Singapore since 2013. Today, Singapore is the largest offshore RMB hub outside of Greater China.

As the sole RMB Clearing Bank in Singapore, ICBC Singapore has been expanding the RMB business and developing RMB products, providing various customised solutions to Singapore firms seeking to invest in China using RMB and Chinese companies seeking to internationalise their business. ICBC Singapore offers comprehensive RMB cross-border products such as RMB deposits & loans, RMB cross-border trade settlement, capital settlement, trade financing, global cash management, RMB bond issuance and special customer-tailored RMB services.

ICBC Singapore is committed to being “the Preferred RMB Bank in Singapore” and has been delivering numerous industry firsts, including:

  • The first bank to assist Singapore corporations in investing in China, taking advantage of the cross-border RMB FDI policies issued by the People’s Bank of China
  • Successful facilitation of the first cross-border RMB intercompany loan for Singapore companies in China, in assisting corporate customers to improve their funding liquidity
  • First Chinese bank to issue the largest offshore RMB bond in Singapore (RMB 2 billion Lion City Bonds) in 2013, in line with the establishment of the Debt Capital Markets team in Singapore
  • Issuance of the first corporate Lion City bonds for Hainan Airlines
  • Establishment of the first cross-border RMB cash swapping for clients between Singapore and the Shanghai free trade zone
  • First to offer RMB syndicated loans to bulk commodity traders, to facilitate their payments to Chinese counterparties
  • Arrangement of the first cross-border RMB loan for two companies in the Shanghai Free Trade zone, where funds from Singapore to Shanghai were cleared on a real-time basis
  • Successful disbursement of the first cross-border RMB loan in Suzhou Industrial Park, worth RMB 10 million, on a real-time basis
  • Issuance in September 2014 of the biggest Lion City Bond to date, worth RMB 4 billion, of which two of its three tranches were dual-listed on the SGX and GTSM, a first in the market.

After launching its clearing service in May 2013, ICBC Singapore’s accumulated RMB clearing volume exceeded RMB 40 trillion, growing more than 14 times to over 37 trillion by end 2014 from 2.5 trillion in 2013.