ABC signs memorandum with Standard Chartered
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The Agricultural Bank of China (ABC), the nation's fourth largest bank, signed a strategic partnership memorandum with the Standard Chartered Bank on Thursday for deepening financial cooperation.
The two banks will take advantage of each other's sales networks and financial products to explore cooperation in banking and financial services, said Xiang Junbo, board chairman of the ABC.
The cooperation also covers small and medium-sized enterprise banking and personnel training, he said.
John Peace, Standard Chartered's chairman of the board, said the Standard Chartered Bank will closely work with the ABC to help Chinese enterprises make full use of the increasing trade channels linking China and the world.
Earlier this month, the ABC also signed a similar agreement with the Netherlands-based Rabobank.
ABC is seeking to raise 23 billion U.S. dollars in the world's largest IPO. It is scheduled to start trading on July 15 at the Shanghai Stock Exchange.
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