Banks from China, S.Korea, Japan Sign Agreement on Forex

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Last updated at: (Beijing Time) Tuesday, August 19, 2003

Banks from China, S.Korea, Japan Sign Agreement on Forex

Banks from China, South Korea and Japan Monday signed a cooperative accord here to make a trilateral alliance majoring in foreign exchanges.

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Banks from China, South Korea and Japan Monday signed a cooperative accord here to make a trilateral alliance majoring in foreign exchanges.

The agreement signed by Zhang Yanling, executive vice president of the Bank of China (BOC), Lee Kang-won, president of the Korea Exchange Bank (KEB), and Akishige Okada, chairman of the Board of Directors of the Sumitomo Mitsui Banking Corp (SMBC).

According to the agreement, each of the three banks will facilitate the other banks' settlement systems and network channels complementarily and reciprocally.

The three banks also agreed to execute comprehensive financial solutions, including investment and project financing in the event of investments being made into each respective country.

Moreover, they also agreed to actively exchange and share human resources and other intellectual know-how.

The BESETO alliance, named after taking the first two letters of the three respective capital cities of Beijing, Seoul and Tokyo,is the first one in the cooperation history among the three countries.

In terms of paid in equity, the BOC is ranked 15th in the world and SMBC is ranked the 8th largest bank on the earth, according toJuly 2003 issue of The Bankers, a famous financial publication.

While the KEB is a main partner of the BOC in South Korea, who signed "Comprehensive Cooperation Agreement" with the BOC in 2001.

The three financial enterprises said they hope they can draw win-win results through the kick-off of the alliance. And they will continue pursuing wording level cooperation to further review detailed business alliance among the member banks.

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