China International Capital Corporation says south-east Asia has only seen the “tip of the iceberg” of Chinese companies wanting to explore opportunities in the region, as the state-backed investment bank grows its own overseas presence to offer services to those looking to expand.CICC, which has about $90bn in assets and shareholders that include Tencent and Alibaba, said it was targeting Indonesia, Vietnam, Malaysia and Thailand for its third phase of overseas growth. South-east Asia, home to 700mn people, is China’s top trading partner.
The bank’s office in Singapore has, like all of its overseas offices operates under CICC International, more than doubled its headcount — to 60— since the pandemic began, according to Stephen Ng, who leads the bank’s south-east Asia and south Asia operations.
CICC was granted approval in Vietnam in September for a representative office for marketing and sales and will apply for a financial advisory licence in Indonesia. Offices in Malaysia and Thailand would follow over the next few years, he said.