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ICBC Cooperates with City Commercial Banks
Ten branches and offices of the Industrial and Commercial Bank of China (ICBC) Tuesday signed agency contracts with 10 city commercial banks on payment settlement businesses.
According to the contracts, the 10 city commercial banks will entrust the ICBC to do its payment settlement businesses, marking the beginning for the two sides to establish a standardized and legalized cooperative relationship.
China's city commercial banks have been developing rapidly over the past several years amid the country's reinforced financial system reforms, and have contributed significantly to China's economic construction.
Meanwhile the ICBC, China's largest commercial bank, has unique advantages in capital strength, number of business offices, business species, and client bases among domestic commercial banks.
Based on its nationwide business network, the ICBC has been providing settlement services for many large enterprises and financial institutions.
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