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ICBC Cooperates with Standard Chartered Bank
The Industrial and Commercial Bank of China (ICBC) announced Tuesday that it has signed an agency agreement with the Standard Chartered Bank (SCB) on payment settlement businesses.
According to the agreement, SCB will directly handle bills businesses on behalf of ICBC.
A spokesman for ICBC said that this is a significant step taken by the two sides on the eve of China's accession into the WTO. It will help improve the two sides' competitive strength and modernization of financial businesses.
ICBC is China's largest commercial bank, strong in capital and technologies. It enjoys high credit in the financial industry.
By the end of July, the outstanding amount of ICBC's deposits exceeded three trillion yuan, and it ranked sixth among the world's top 1,000 banks in terms of capital strength.
SCB has been appraised by the Asian Finance magazine as the best foreign bank in China for the past two years. Located in London, SCB has established branches or offices in more than 50 countries and regions, with seven branches, one sub-branch and seven offices in China.
Previously ICBC and SCB has already been cooperating in credit, trade financing, account management, capital lending and interbank lending in Renminbi.
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