SINGAPORE - Singapore and China took another step in enhancing their financial market collaborations, as China Construction Bank (CCB) launched three new units here.
CCB - China's second largest bank with around 21 trillion in assets - announced on Tuesday (Apr 18) the opening of a infrastructure financing services centre and a private banking centre here. 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 at the St Regis hotel, 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.