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Chinese, US Banks Sign Cooperation Contract
China's Bank of Communications signed a contract on fund cooperation with the Chase Manhattan Bank of the United States Monday.
According to the contract, the Chase Manhattan Bank will provide fund trusteeship consultation service for China, which includes technology support, fund operation and personnel training. At the same time, the Bank of Communications will provide related support for its US counterpart.
Both sides expressed the wish to promote fund business in China together.
The Bank of Communications is the first nationwide state-owned shareholding commercial bank on China's inland.
CCB Cooperates with Morgan-Chase ManhattanThe China Construction Bank (CCB) and Morgan-Chase Manhattan Corp. also signed an agreement at the same day on cooperation in the open-ended investment fund sector.
According to the agreement, Morgan-Chase Manhattan will provide the CCB with comprehensive consulting and services in fund designing, technological support, client services, information exchange and personnel training for the CCB to develop fund trusting businesses.
In return, the CCB will offer the American side with consultation and relevant support for the latter to develop fund business in China.
A spokesman for the CCB said this move marks a new page in the cooperation between the two sides, and will be beneficial for the CCB to learn from the experiences of foreign banks in open-ended fund business.
Morgan-Chase Manhattan is a global financial service institution, with branches in more than 60 countries and regions across the world; while the CCB is one of China's four largest state-owned commercial banks, with a nationwide network of branches and outlets. The CCB now acts as trustee for nine investment funds whose net assets amount to 16.4 billion yuan (about US$2 billion).
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