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Chinese Bank Cooperates With US State Street Bank
The Industrial and Commercial Bank of China (ICBC) announced Wednesday that it has established strategic cooperative partnership with the United States' State Street Bank (SSB).
Under an agreement signed Tuesday, the ICBC and the SSB will carry out extensive cooperation in fund businesses, asset management, foreign exchange trading, securities credit, sharing of economic and financial information and other fields.
According to memorandums signed between the two banks, the ICBC will provide consultative services for the SSB's global investment institutions to engage in investment businesses in China, while the SSB will provide trust consulting services for the ICBC's fund businesses.
In addition, the ICBC will, under proper terms, invite the SSB' s wholly-owned investment management company as its external asset management company. The two sides will accept each other as their interbank foreign exchange trading partners.
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