Shanghai Banks Tapping Trans-regional Strategic CooperationThe high-level decision makers of Shanghai Bank, Shanghai Commercial Bank and Shanghai Commercial Saving Bank located respectively in Shanghai, Hong Kong, and Taiwan met in Shanghai on April 27 to tap new ways of exchange and cooperation. They intend to establish a long-standing strategic cooperation for coping with the common financial competition and challenge they are facing after China's entry into WTO.Featuring the topic of "Confronting accession into WTO, strengthening cooperation for a joint development" the symposium defined for three banks their full cooperation in the following three fields. First, it is to establish an all-around strategic cooperation partnership for the three banks to share resources, take advantages to create development opportunities for expanding market share to achieve scale economy effect and strengthen overall capability for resisting risks. Secondly, it is to open up new ways for exchange and cooperation on information resources by providing periodically to one another economic, financial, marketing, development and legal information. Thirdly, it is to adopt an utterly new way of cooperation in developing business, such as assets restructure, equity transfer, listing, banking payment, credit business, settlement business and accounts alliance service (recommending good accounts to each other), developing new financial products and conducting marketing as well as cross-sales. Fu Jianhua, President of Shanghai Bank, said that the cooperation among three "Shanghai banks" has a long-standing history. Early in 1998, the high-level leaders of the three banks met in Shanghai to discuss the issues of cooperation and exchange. The gathering this time indicates that the cooperation has reached a higher strategic stage. Experts believe that the relationship established for strategic cooperation will not only stimulate the business development of the three banks themselves but also hasten China's financial reform and trans-regional cooperation of financial institutions. The three banks can break up the regional limits and pay attention to global economic trends and financial innovations. This is an insight worthy of appreciation. The three banks were related in history to Shanghai, the international metropolis. The Shanghai Commercial Saving Bank in Taiwan was set up in Shanghai in 1915. It gradually developed into the biggest private financial institution. The Shanghai Commercial Bank in Hong Kong was proliferated from Taiwan's Shanghai Commercial Saving Bank and gradually forms its own brand in the long-run economic development. The Shanghai Bank in Shanghai is a new shareholding bank established in 1995. It has gained good achievement in the development. |
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