Standard Bank Group (SBG) and Industrial and Commercial Bank of China (ICBC) signed two agreements that further entrench their already successful business cooperation. The agreements underscore the increasing internationalization of the banking sector in China and the key role played by partnerships, such as the long-standing cooperation between Standard Bank Group and ICBC.
The two agreements were signed between Craig Bond, China Chief Executive of Standard Bank Group, and ICBC's Senior Vice President Yi Huiman, at Sibos (SWIFT International Bankers Operation Seminar), which is taking place in Toronto, Canada.
The first agreement provides a framework for cooperation in trade and settlement, while the second is a memorandum of understanding relating to settlement netting of precious metals transactions.
Bond said: "We are thrilled to be further expanding and strengthening our relationship with ICBC to bring a growing range of sophisticated and tailored banking solutions to support China's economic and financial growth.
We see significant growth opportunities in the trade and cash management sector, as well as for substantial cooperation in the precious metals business. We are pleased to be working with ICBC to capture and develop these opportunities."
"As trade between China and emerging markets, particularly Africa and South America, continues to grow, we are proud to be formalizing these additional elements of cooperation with ICBC of precious metals settlements, trade finance, international payments and RMB (the Chinese currency renminbi) settlement," Bond added.
Since ICBC's acquisition of a 20% shareholding in Standard Bank Group in 2007, the two banks have cooperated formally on numerous transactions across multiple geographies and sectors.
During this period, both banks have identified additional areas to collaborate on, over and above the areas initially identified. The close partnership and strong growth in the relationship between ICBC and Standard Bank Group has helped to better support the development of trade and investment between China and Africa, as well as China and other emerging markets.
Standard Bank Group is the only African exhibitor at Sibos, which runs from 19-23 September 2011. See www.sibos.com.
For more on Industrial and Commercial Bank of China Limmited see www.icbc.com.cn.
Standard Bank Group facilitation of Woolworths' ground-breaking acquisition wins Deal of the Year ....
Standard Bank Arranges USD 1.25 Billion Eskom Bond Sale to International Investors