China Construction Bank expands Singapore operations
(19 April 2017 – Singapore) China Construction Bank (CCB) has launched three new units in the city-state.
CCB - China's second largest bank announced the opening of an infrastructure financing services centre and a private banking centre. These are head office level centres alongside CCB's existing Singapore branch.
CCB International, the bank's investment services subsidiary, also opened its Singapore branch.
Speaking at the opening ceremony, Minister for Education (Schools) and Second Transport Minister Ng Chee Meng said CCB's expansion here is resulted from a memorandum of understanding between the bank and IE Singapore last year.
The new centres will allow more Chinese companies to leverage on Singapore as an infrastructure financing hub under China's Belt and Road initiative while helping local firms to tap CCB's network to seek Chinese partners or funds, he added.
CCB International will separately offer fund management and securities trading services, having obtained a Monetary Authority of Singapore license to do so.
China has been Singapore's largest trading partner since 2013. Singapore is in turn China's largest foreign investor.