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Chinese bank lists $1.2 billion bond on Nasdaq Dubai

dubai - It is the second bond listing by the Hong Kong branch of China Construction Bank on Nasdaq Dubai

Guo You, chairman of the board of supervisors of China Construction Bank (CCB), on Wednesday rang the market-opening bell to celebrate the listing of a $1.2 billion bond on Nasdaq Dubai.

The listing by the Hong Kong branch of CCB, one of China's leading banks, underlines the country's growing financial activities in the UAE and the wider region. CCB's market capitalisation reached $192.6 billion at the end of 2016, the fifth highest of any bank in the world, and it has branches and subsidiaries in 29 countries.

It is the second bond listing by the Hong Kong branch of CCB on Nasdaq Dubai under the bank's $6 billion medium term note programme, following a $600 million bond that listed on the exchange in October 2016.

The bell ceremony took place in the presence of Essa Kazim, governor of Dubai International Financial Centre (DIFC) and chairman of Dubai Financial Market (DFM); Abdul Wahed Al Fahim, chairman of Nasdaq Dubai; Hamed Ali, CEO of Nasdaq Dubai; and senior China-based as well as Dubai-based representatives of CCB.

You 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."

- business@khaleejtimes.com