On 7 Nov 2015, The Industrial and Commercial Bank of China (ICBC) entered into a strategic partnership with Pacific International Lines (PIL), in a landmark deal marking a significant milestone in China’s 21st Century Maritime Silk Road initiative. The agreement establishes ICBC,   the world’s largest listed bank by total assets and Singapore’s sole RMB clearing bank, as the banking partner of choice for PIL, one of the largest ship-owners in Southeast Asia.