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|Wednesday, May 30, 2001, updated at 21:42(GMT+8)|
ICBC Joins Hands with Securities Firms, China TelecomThe Industrial and Commercial Bank of China (ICBC) signed comprehensive cooperation agreements with four leading securities firms here Wednesday to cooperate in A and B share capital clearing, capital financing, bank-securities capital transference, sharing of information resources and some other fields.
The ICBC is China's largest State-owned commercial bank, with powerful capital strength, technological force and good credit; while the four securities firms, including Beijing Securities, Huaxia Securities, Zhongxin Securities and Xiangcai Securities, are all national securities firms, leading the industry in registered capital, total asset value, profit and other key indices.
A spokesman for the ICBC said that the signing of the agreements is a significant move the two sides have made to readjust management strategies, meet common challenges and jointly develop the financial market, which will bring about considerable benefits to both sides.
At the same time, the ICBC signed a framework agreement on comprehensive cooperation with China Telecom, which involves cooperation in networks and telecommunication services, electronic commerce, on-line settlements, financing, banking cards, agent business and various other new businesses.
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