China Construction Bank (CCB) chairman Guo You rang the market-opening bell on Wednesday to celebrate the listing of a $1.2bn bond on Nasdaq Dubai, the regions international financial exchange.
The listing by the Hong Kong Branch of CCB underlines China’s growing financial activities in the UAE and the wider region, Dubai Media Office reported.
It is the second bond listing by the Hong Kong Branch of CCB on Nasdaq Dubai under the banks $6bn Medium Term Note Programme, following a $600mn bond that listed on the exchange in October 2016.
Guo You, Chairman of the Board of Supervisors of CCB HO, said: The capital raised through our bond supports our growing commercial banking and other activities in the UAE, the Middle East and beyond, under the “Belt and Road” initiative. Nasdaq Dubai provides us with close links to investors around the world as well as a top class regulatory framework, as we rapidly expand our regional financial footprint from our offices in the DIFC.
CCBs market capitalisation reached $192.6bn at the end of 2016, the fifth highest of any bank in the world, and it has branches and subsidiaries in 29 countries.