Wang Zhenyong, deputy chief executive of lease financing at ICBC Leasing, said he is hoping to build on the Chinese bank’s already strong relationship with the City of London post-Brexit.
Speaking at the Chinese Shipping Association of London (CSAL) event during London International Shipping Week (LISW) he described the UK as a “key partner” in China’s belt and road initiative.
“In the shipping sector both countries complement and benefit each other,” he said.
Zhenyong said that ICBC’s ship leasing business already has strong links to London through the finance and bond market, while most of its marine insurance needs are also covered through the London market.
He pointed to the ICBC’s role in providing lease arrangements for 18 tanker newbuildings for BP as an indication of the relationship. He said that Brexit provided an “opportunity” to develop the ties. “Brexit is an opportunity to bring China and UK’s economic relationship into a “higher gear,” he said.
Zhenyong described how ICBC has grown to become shipping’s largest provider of lease finance and a top 10 ship finance company having concluded 200 high value contracts. He said it had developed “a variety of leasing models to respond to the market’s needs.”
He said ICBC is keen to contribute toward the development of green shipping.
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