ICBC Financial Leasing has tapped Middle East lenders for a US$500 million three-year loan, in a move to diversify its funding sources that highlights an alternative pool of liquidity for Asian borrowers, according to IFR, a Thomson Reuters publication.

    The Industrial and Commercial Bank of China (ICBC) unit’s Gulf debut was impressive as it increased the loan amount from an original size of US$300 million following participation from 10 lenders.

    Sources said Emirates NBD was awarded the mandate on the borrowing on the condition that it would only syndicate the loan to other lenders in the region. Two Chinese banks participated via their Middle Eastern branches, but the remaining lenders were all local to the Gulf, pointing to growing appetite for Asian exposure in the region.(SD-Agencies)