ICBC Reinforces Interbank CooperationThe Industrial and Commercial Bank of China (ICBC) has adopted a series of measures to reinforce interbank cooperation and has successfully made many commercial banks, securities firms and insurance companies its clients.A spokesman for the ICBC said by the end of October, the ICBC has signed payment settlement agency contracts with 828 domestic and overseas banks, including 14 of the world's largest commercial banks, domestic policy banks, shareholding banks, city commercial banks and credit cooperatives in economically developed areas. The ICBC has given full play to its advantages in settlement, personnel, technology and business outlets to develop payment settlement agency businesses, which is the most important interbank business that brings huge increases in the bank's business income and interbank deposits. By the end of October, the ICBC's interbank deposits had increased 183.8 billion yuan (about 23.6 billion US dollars) over the beginning of the year, which consolidated its capital strength and improved its balance in money position. The ICBC also made efforts in developing securities capital settlement services. By the end of October, it had become a capital settlement agent for 196 securities firms in the Shanghai Stock Exchange and 170 securities firms in the Shenzhen Stock Exchange, which account for over 50 percent of China's securities firms. |
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