The experienced team at ELS Legal recently acted for the prestigious Industrial and Commercial Bank of China (ICBC) Ltd.
The client was providing a letter of credit for a sum in excess of 1 billion CNY (£116.6m) to the Bank of New York Mellon.
As well as advising on the letter of credit, our firm was also instructed to provide a legal opinion in respect of the facility.
ICBC has previously been cited as the world’s largest and most valuable bank in terms of total assets and market capitalisation.
It is one of China’s ‘Big Four’ state-owned banks and has been running for more than 30 years. It also has the distinction of being listed as the number one bank in The Banker’s top 1000 World Banks rankings.
ELS Legal was asked to act in this matter as a result of the firm’s growing work for clients based in both China and Hong Kong. Our lawyers are happy to advise further on the services we can offer to banks and other businesses in the region. Contact us for more information on the advice we offer.