STRENGTHEN STRATEGIC PARTNERSHIP
Senior management joint committee to drive strategic business co-operation
Pilot programme in Hong Kong to provide world-class financial market products
17 June 2010, Beijing – Standard Chartered Bank and Agricultural Bank of China (ABC) today signed a memorandum of understanding (MOU) establishing a strategic partnership to explore the joint development of business opportunities.
The MOU was signed today by Zhang Yun, President of ABC and Jaspal Bindra, Group Executive Director and Asia CEO of Standard Chartered; Xiang Junbo, Chairman of ABC, and John Peace, Chairman of Standard Chartered, witnessed the signing.
Under the MOU, Standard Chartered and ABC will explore collaboration opportunities across a wide spectrum of retail and wholesale banking products and services both within China and internationally. The partnership will focus on the increasingly strong intra-Asia and Asia-Africa trade corridors and enabling access for Chinese businesses to international capital markets and financial markets products, whilst also looking at joint opportunities across ABC’s and Standard Chartered’s domestic Chinese market operations.
Hong Kong has been identified as a potential pilot region for the two banks’ co-operation journey. Standard Chartered’s and ABC’s aim is to co-operate to provide their corporate and individual customers with world class financial markets products.
The partnership with ABC in China reinforces Standard Chartered’s commitment to growing its brand profile and business operations across the greater China region. Standard Chartered is an active player in China’s financial market and one of the leading institutions in SME banking, trade corridors and RMB cross-border trade settlement services. The Bank also has an extensive global network covering many of the emerging markets in Asia, Africa and the Middle East.
A joint co-operation committee will be formed by both banks to drive the strategic direction of the partnership. The committee will be co-chaired by Mr Peter Sands, CEO of Standard Chartered, and Mr Zhang Yun, President of ABC.
John Peace said: “This is a real opportunity to forge stronger and deeper business co-operation with our long-time business partner. Standard Chartered and ABC will work closely together to enable Chinese businesses of all sizes to take advantage of the growing international trade corridors with China. The formation of the proposed senior management committee to drive our mutual strategic priorities is an indication of the importance and commitment which both organisations place on this partnership”.
Xiang Junbo commented: "The signing of the MOU signifies a new chapter in the co-operation of the two banks. Not only will we strengthen and improve the scope and areas of co-operation, but we will also be able to mutually benefit from the complementary advantages of the two organisations and contribute to the further development of the global financial industry.”
