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Chinese Bank to Increase International Cooperation
The Agricultural Bank of China (ABC), one of the country's four major state-owned commercial banks, has decided to increase cooperation with overseas financial institutions and enterprises in the years to come.
An ABC official said the decision will help the bank ensure smooth development after the country enters the World Trade Organization.
International cooperation will be based on the principles of mutual benefit and mutual development, the official said.
To further promote international business, the ABC recently held an exhibition in Shanghai to introduce its new products and services to more than 100 overseas banks and multinationals, including Citibank and Nokia.
The bank also signed a memorandum of cooperation in December with the Bank of New York to develop open-end investment fund businesses in China.
The ABC has established 56,000 outlets across the country since it began business in the late 1970s.
It has five overseas branches and representative offices and business ties with 3,600 overseas banks or bank branches.
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