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ICBC in Full Cooperation with Shenzhen Development Bank
The Industrial and Commercial Bank of China (ICBC) and the Shenzhen Development Bank (SDB) announced Sunday that they will carry out comprehensive cooperation in their banking businesses.
According to contracts signed by the two sides, they will work together mainly on capital financing, capital clearing, banking card business, international business, sharing of information resources and other business fields.
The ICBC is China's largest State-owned commercial bank, with powerful strength in capital and technology as well as good credit record. While improving its traditional businesses, the ICBC has been paying attention to technological business and management innovations, achieving clear advantage in competing with its counterparts.
The SDB is China's first publicly listed commercial bank. After years of development, it has become an important component of China's financial industry with good economic and social benefits.
A spokesman for the ICBC said that, on the eve of China's expected access into the World Trade Organization, the cooperation is a significant step made by the two sides to meet new challenges that China's financial industry will face. This move will undoubtedly promote the two sides' competitiveness as well as the healthy development of China's financial industry.
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