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Agricultural Bank of China and Bank of New York in Partnership
The Agricultural Bank of China and the Bank of New York in the United States signed a co-operation memorandum on open-end fund business, which was reported to be the first case in China for a bank at home and another abroad to cooperate in open-end fund operation.
According to the memorandum, the two sides will communicate and co-operate in open-end funds business. The Bank of New York will provide technological back-up and training to help the Agricultural Bank of China establish an open-end investment fund system. In return, its partner, the Agricultural Bank of China will offer consulting services on the open-end investment fund market.
Bank of New York, one of the largest commercial banks in the US, is now the biggest securities trusteeship bank in the world, in which the total securities capital amounts to US$6.9 trillion, covering 99 securities markets.
The Agricultural Bank has made a great deal of reparations in open-end fund business, said a resource from the Agricultural Bank, in response to the thought to develop investors to the idea of China Securities Regulatory Commission to develop investors for the securities market in a track-broken and creative way. The bank established a team and trained its staff on the sales of open-end investment funds. Its systems of sales agency, registering transfer and trusteeship are under testing. In particular, the open-end sales agency system, which is backed up by the debit cards, has three unique characteristics: the first one is that with the multi-functioning card, the customers can deposit their money, transfer their accounts, apply for and trade funds; the second one is that the investors are able to make transactions in different places without being restricted by the application place of the funds. All their transactions can be done at its Kins Card sales departments or on the AMT machines, and the last strong point is that the development of its gold card will make the transactions of financial products as funds possible in the near future. (Panorama)
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