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ICBC Cooperates with 11 Foreign Banks in Payment Settlement
The Industrial and Commercial Bank of China (ICBC) Thursday signed agency agreements with 11 foreign banks on payment settlement business.
According to the agreements, ICBC will handle banking bills and capital transference businesses on behalf of these foreign banks.
The 11 foreign banks include HSBC Holdings, City Bank, the French Banque de L'industrine, Bank of East Asia Ltd., Credit Lyonnaise, International Bank of Paris & Shanghai, Bank of Tokyo-Mitsubishi, Ltd., Dai-Ichi Kangyo Bank, Sanwa Bank, Sakura Bank and Korean Development Bank.
The Standard Chartered and the Bank of America have previously signed such contracts with ICBC.
A spokesman for ICBC said this move, taken on the eve of China's accession to WTO, will benefit both ICBC and the foreign banks in improving their competitiveness.
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