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Chinese, Singapore Banks Join Hands
The China Construction Bank (CCB) and the Singapore United Overseas Bank Ltd. will carry out extensive cooperation in the financial sector after signing a memorandum of business cooperation here Wednesday.
According to the memorandum, the two sides will closely cooperate in foreign exchange capital, international clearing, project financing, syndicated loans, securing loans in Renminbi with stand-by letter of credit, on-line banking, and personnel training.
In addition, the two sides will explore new areas of cooperation in line with relevant laws and regulations.
Founded in 1935, the United Overseas Bank Ltd. is the second largest bank in Singapore. So far it has set up branches in China's Guangzhou, Shanghai and Xiamen and a representative office in Beijing.
The CCB is one of China's four largest State-owned commercial banks, with branches and a settlement network covering the whole country. Last year the bank's total assets exceeded 2.5 trillion yuan, realizing a profit of 8.4 billion yuan.
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