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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 US dollar 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 US dollars 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 bell ceremony took place in the presence of His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC) and Chairman of Dubai Financial Market (DFM); Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai; and Hamed Ali, Chief Executive of Nasdaq Dubai.
Yuan Shengrui, Senior Executive Officer of CCB DIFC Branch, said: “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.”
His Excellency Essa 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, 2016, 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 US dollars.
Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “Drawing on the capital markets expertise available in Dubai and our long traditions of building relationships with East Asian companies, we look forward to further listings from businesses based in that region. We are committed to continually enhancing our pre and post listing infrastructure to meet and exceed their expectations.”
Hamed Ali, Chief Executive of Nasdaq Dubai, said: “As one of China’s leading and most respected banks, CCB is an important addition to the growing range of Chinese debt issuers that have chosen Nasdaq Dubai as their listing venue. The exchange is positioned to support the needs of Chinese financial institutions and other enterprises in a variety of asset classes as they strengthen their business and financial activities in our region and promote international prosperity.”
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