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Agricultural Bank Cooperates with US Bank
The Agricultural Bank of China (ABC) signed a memorandum of cooperation Friday, December 8, with the Bank of New York to develop open-end investment fund businesses in China.
According to the memorandum, the Bank of New York will provide technological backup and training to help the ABC establish an open-end investment fund system. The ABC will offer consulting services on the Chinese open-end investment fund market.
The ABC has established a special investment fund team and trained its personnel on the sales of open-end investment funds. Currently, the sales distribution system and securities custody system of the Chinese bank are undergoing overall testing.
The Bank of New York, one of the largest commercial banks in the United States, has 29 branches and representative offices in 26 countries and regions. It has become the world's biggest securities custody bank handling securities valued at US$6.9 trillion, covering 99 markets in the world.
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