Dubai: Yuan Shengrui, Senior Executive Officer of the DIFC branch of China Construction Bank (CCB), today rang the market-opening bell to celebrate the listing of a $600 million (Dh2.2 billion) bond on Nasdaq Dubai, under the bank’s six billion US dollar Medium Term Note Programme.
CCB is one of China’s most prominent banks with a market capitalisation of $173.3 billion at the end of 2015, the fifth highest among listed banks in the world.
The listing supports the expansion of CCB’s commercial and financing activities across the Middle East, as well as underlining Dubai’s central role in the development of capital markets ties between the region and East Asia.
“The international framework provided by Nasdaq Dubai, as well as its close links to investors in its region and beyond, give China Construction Bank excellent visibility as we raise our profile across the Middle East. We look forward to further strengthening our ties with Dubai and the UAE, which offer a business-friendly and welcoming environment in which we can successfully pursue a broad range of financial activities,” Yuan Shengrui, Senior Executive Officer of CCB DIFC Branch, said in a statement.
Eisa Kazim, Governor of DIFC and Chairman of DFM, said: “Dubai is committed to providing issuers from East Asia and around the world with an effective and responsive exchange architecture that meets all their requirements. Our ability to support the capital raising needs of a wide range of overseas issuers plays an important part in promoting dynamic and productive international partnerships.”
CCB’s bond listed on Nasdaq Dubai on October 4, as the largest single listing by a Chinese bank on the exchange. All bond and Sukuk listings on Nasdaq Dubai currently total $53.9 billion.
