OREANDA-NEWS. In the past few years, ICBC has continued to take tourism industry as the focus of credit support by consistently strengthening product innovation and providing comprehensive financing service. As of the end of the first quarter, ICBC’s total financing to tourism industry exceeded RMB 300 billion, representing the largest value of financing to China's tourism industry among commercial banks.

According to an official from ICBC, ICBC has stepped up credit support to the industry based on the features of financing demand from the tourism industry. For example,,the loans to the tourist industry in Shandong Province alone posted annual growth of over 25% in three consecutive years, including Three Memorial Edifices of Confucius in Qufu, Ancient City in Qingzhou, Taierzhuang, Kun River, Mount Yimeng. On the other hand, by combining diverse methods such as investment banking, debt financing, leasing and asset securitization, the Bank has established an exclusive financing product system that meets the financing demand from enterprises of different types, sizes and stages. For example, ICBC underwrote the first private placement bond and perpetual bond of culture tourism in China for OCT Group and provided the first asset-backed securitization project of culture tourism for Guangzhou Chimelong Group. By leveraging the strength in international and integrated operation, it provided syndicated loan to Beijing Truism Group for acquisition of Home Inn, and offered advisory and financing services to Jinjiang International for acquisition of Louvre Hotel and InterContinental Hotels.

In addition, by leveraging the advantages in online financing innovation, the Bank has attempted to establish the "internet + culture consumption + finance" service system to boost "end-to-end" connection between customers and high-quality tour companies across China. By simply logging into ICBC Mall, customers can order local tour services from more than 100 quality tourism enterprises nationwide such as Hainan, Yunnan, Guangdong, Guangxi, and opt to pay by installment.