Standard Bank and ICBC Co-operate to Support China's Growing Trade
The Standard Bank Group and the Industrial and Commercial Bank of China (ICBC) have signed two agreements which underscore the increasing internationalisation of the banking sector in China and the key role played by partnerships in this region.
The two agreements were signed between Craig Bond, China chief executive officer (CEO) of Standard Bank Group and ICBC’s senior vice president Yi Huiman, at Sibos 2011 in Toronto. The first agreement provides a framework for co-operation in trade and settlement, while the second is a memorandum of understanding (MOU) relating to settlement netting of precious metals transactions.
Bond said: “We are thrilled to be further expanding and strengthening our relationship with ICBC to bring a growing range of sophisticated and tailored banking solutions to support China’s economic and financial growth. We see significant growth opportunities in the trade and cash management sector, as well as for substantial cooperation in the precious metals business. We are pleased to be working with ICBC to capture and develop these opportunities.”
Since ICBC’s acquisition of a 20% shareholding in Standard Bank Group in 2007, the two banks have co-operated formally on numerous transactions across multiple geographies and sectors. During this period, both banks have identified additional areas to collaborate on, over and above the areas initially identified.