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Tag: ICBC

  • ICBC Singapore Issues Bank’s First Green Bond

    ICBC Singapore Issues Bank’s First Green Bond

    State-owned bank offers green Silk Road bond in three currencies one week after a similar exercise by rival Bank of China. Acting through its Singapore branch, the Industrial and Commercial Bank of China (ICBC), the world’s biggest bank by assets, has issued its first green bond offering in three currencies totalling $2.2 billion equivalent, Reuters reported on Wednesday.

    The U.S. dollar-denominated tranche includes $900 million three-year floating rate notes priced at three-month Libor plus 72 basis points and $600 million five-year floating rate notes priced at three-month Libor plus 83 basis points. They received over $2.4 billion and $1.5 billion in orders respectively, with Asia buying 92 percent of the deal and the rest coming from EMEA in both cases, according to Reuters.

    The 1 billion yuan ($149 million) three-year tranche was priced at 3.3 percent. The 500 million euro tranche received over 1.8 billion euros in orders.

    DBS Bank was the only Singapore bank among the issue’s joint global coordinators, which also include ICBC, Credit Agricole, HSBC and Standard Chartered Bank. DBS was also the joint book runner and joint lead manager of the issue. There were 22 underwriters for the bond issue, which intends to support green projects under China’s Belt and Road Initiative.

    According to Clifford Lee, DBS Bank head of fixed income, said that ICBC Singapore’s successful issuance of its first green bond is underpinned by its commitment to financing sustainable development along the Belt and Road, «The Business Times» reported.

    A week before, Bank of China raised $3.8 billion equivalent across five currencies and eight tranches from its fifth Silk Road bond offering.

  • Sands China launches branded Mastercard rewards program

    Sands China launches branded Mastercard rewards program

    Sands China, ICBC and Mastercard have launched a credit card allowing holders to collect points anywhere in the world which can be redeemed at Sands Macao’s integrated resorts.

    The ICBC Sands Lifestyle Mastercard holders will also have the opportunity to earn up to three times more points when they shop and 20 times more points when they stay at Sands Resorts Macao properties. ICBC Asia offers three times more points when they spend overseas with the card.

    The program is the first for Mastercard’s Pay with Rewards in Asia Pacific. It will have two levels of co-branded credit cards, including the Sands Lifestyle Platinum Mastercard and Sands Lifestyle World Mastercard.

    Cardholders can take advantage of benefits including hotel stays, dining, shopping, events and entertainment. This includes discounts on accommodation packages, ferry tickets, air travel and holiday packages with Cotai Travel, special offers at selected restaurants, Sands Shoppes and entertainment tickets to international and Asian theatre shows and music events.

    Initially, the program will only be available for customers living in Hong Kong and Macao. Customers living in Hong Kong can apply to join the program at ICBC (Asia) branches in Hong Kong or via the ICBC (Asia) website, while customers living in Macao can apply at ICBC (Macau) branches or via the ICBC (Macau) website.

    Dave Horton, chief marketing officer with Sands China, said the Sands Lifestyle program offers a range of attractive benefits for cardholders.

    Sands China, ICBC and Mastercard executives announce the new Sands Lifestyle loyalty program. From left: Ling Hai, co-president, Asia Pacific, Mastercard, Jiang Yisheng, CEO of ICBC Asia, Dave Horton, global chief marketing officer, Las Vegas Sands Corp & Sands China and Wang Du Fu, president, ICBC Card Center.

    “Designed to enhance the experience of our visitors to our integrated resorts and Macao in as destination, Sands Lifestyle is an innovative addition to our world-class facilities and one we anticipate will encourage more visitor arrivals.”

    Ling Hai, co-president, Asia-Pacific, Mastercard, added: “Today represents a number of firsts for Mastercard in China. It is the first time we are partnering with Sands China, one of the largest leisure brands and most popular lifestyle destinations in the region. The ICBC Sands Lifestyle Mastercard is also the first to launch the Mastercard Pay with Rewards product in Asia Pacific. We believe our partnership with Sands China is another step towards fulfilling our commitment to meeting the evolving desires of China’s burgeoning affluent population.”

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  • Studio City retail tenants revealed

    Studio City retail tenants revealed

    Studio City and Taubman Asia, have revealed the lineup of fashion brands that will open inside The Boulevard at Studio City.

    A mix of fashion-forward labels and internationally-renowned luxury brands include Macau’s first Balmain, Macau’s first Belstaff, and Tom Ford’s largest store in Asia, amongst many others. The selection was assembled by Taubman Asia and Melco Crown Entertainment’s combined team of retail specialists to meet Chinese consumers’ increasing desire to express their individuality through high quality, expertly crafted clothing and accessories. Bespoke and personal services will be offered to ensure our shoppers take center stage.

    Taubman says The Boulevard at Studio City will bring “an unparalleled shopping experience” to Studio City.

    “Unlike any retail offering to be found in Asia, the unique 35,000 sqm ‘immersive’ retail entertainment environment brings shopping to life by ‘transporting’ visitors to high-energy street-scapes and entertaining them at every turn with featured streets and squares inspired by iconic shopping and entertainment locations, including New York’s Times Square and Hollywood’s Beverly Hills,” Taubman said in a statement.

    “At the futuristic Times Square Macau, inside The Boulevard at Studio City, a variety of entertainment from ‘virtual’ musicians to film stars will be shown through holographic projections.

    “Leveraging our global expertise increating extraordinary retail environments, and our exceptional relationships with the world’s leading brands, our talented team in Asia has brought together an exciting mix of brands for The Boulevard at Studio City,” said René Tremblay, president of Taubman Asia.

    “Our merchandising and management services are the industry standard for performance and excellence. We are thrilled to welcome these brands to our latest project and are committed to supporting them for the long term.”

    List of brands:

    Aeronautica Militare
    Balmain
    Bank of China
    Belstaff
    Boss
    Bottega Veneta
    Bulgari
    Cigar Emporium
    Coach
    Cosmos Food Station
    Din Tai Fung
    Dunhill
    Emporio Armani
    Fendi
    Girard-Perregaux
    Givenchy
    Glashutte Original
    Graff
    Gucci
    Hide Yamamoto
    Hublot
    ICBC
    Trattoria Il Mulino
    Image Digital
    IWC Schaffhausen
    Jaeger-LeCoultre
    Jaquet Droz
    kate spade new york
    Kenzo
    Longines
    McCafe
    McDonald’s
    MCM
    Michael Kors
    Montblanc
    Philipp Plein
    Piaget
    Prada
    Rainbow
    Rimowa
    Roberto Cavalli
    Saint Laurent Paris
    Shiki Hot Pot Restaurant
    Starbucks
    Tag Heuer
    T Galleria Beauty by DFS
    Tiffany & Co.
    Tom Ford
    UM
    Vacheron Constantin
    Valentino
    Van Cleef & Arpels
    Versace Collection
    Ermenegildo Zegna
    Zenith

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  • ICBC Singapore launches USD/SGD dual currency card

    ICBC Singapore launches USD/SGD dual currency card

    Industrial and Commercial Bank of China (ICBC) Singapore has launched a US dollar and Singapore dollar dual currency credit card as it seeks to expand its retail banking presence here.

    The ICBC Visa USD/SGD dual currency credit card will have zero administrative fees for all US dollar transactions, the bank said in a press release on Monday. This would ease “additional costs that customers tend to bear, which can be as high as 2.5 per cent”, ICBC Singapore’s general manager Zhang Weiwu added in the statement.

    It is “the first dual currency card in Singapore to combine both USD and SGD customer accounts in one credit card”.

    Credit card providers typically charge an administrative fee for currency conversions on credit card purchases made in foreign currencies. This fee is usually a percentage of the transaction cost, and depends on the rate set by the bank and by the credit card network, such as Visa or MasterCard. This fee is usually not explicitly given in the cardholder’s monthly statement.

    Banks in Singapore have rolled out a few new credit cards since the start of the year in a bid to grow their slice of the market, where growth momentum is slowing. OCBC, which has set its sights on 30 per cent growth in card spending this year, launched its Voyage air miles card in March targeted at high net worth and affluent customers. ANZ also launched in March a credit card that lets cardholders choose what rebates they get.

    ICBC Singapore, designated as the yuan clearing bank here, also came up with Singapore’s first yuan and Sing dollar dual currency credit card in 2011 – the RMB(renminbi)/SGD UnionPay dual currency credit card.

    On the launch of its latest credit card, the bank said that its promotion incentives include “cashbacks on every new application and activation, and additional rewards for online applicants”. It has retail branches in Raffles Place, Orchard, Chinatown, Paya Lebar and Jurong East.