China Construction Bank Corporation (CCB) and Bank of America Corporation (BAC) jointly announced Wednesday the overseas transaction function of CCB's "Happy Investor" card will be initiated on April 1, 2006.

 

According to a press release of the CCB, the cardholders of CCB will enjoy free of charge service when using "Happy Investor" card to withdraw cash from BAC ATMs and customers of BAC will also enjoy the same benefit when using debit cards and ATM cards to withdraw cash from CCB ATMs.

 

In August 2005, BAC bought 9 percent shares of CCB and became a strategic investor. BAC also agreed to provide advice and assistance to CCB in such areas as corporate governance, risk management, credit cards, personal banking, global treasury services and information technology to enhance its performance.

 

CCB said that currently, the cooperation is progressing very smoothly. It is the first time that CCB and BAC collaborate to provide benefits to their customers, a substantial step they have taken to further strengthen the strategic cooperation.

 

The press release said over 11,000 CCB's ATMs and nearly 17,000 BAC's ATMs will be available to provide the above-mentioned services.

 

Currently, Chinese cardholders going to the United States will pay 3 percent commission (at least US$3 per transaction) and US$2 service fee (presently in 14 US states) while withdrawing cash from BAC's ATMs.

 

After the cooperation is launched, CCB's "Happy Investor" cardholders who withdraw cash from BAC's ATMs will enjoy fee-waiver services.

 

"The successful operation of this project is a significant step forward to the strategic cooperation between CCB and BAC," said China Construction Bank Chairman Guo Shuqing. "It's common goal of CCB and BAC to provide customers with the international first class financial products and services."

 

"Our customers are now able to benefit from our partnership," said Kenneth D. Lewis, Bank of American chairman, noting that half of BOC's ATMs have Chinese language capability.

 

"China Construction Bank is building on its recent progress and success in strengthening its position as an international financial service provider," he said.

 

CCB was founded in 1954 and was listed in Hong Kong in October 2005. It had a total of 13,977 branch outlets. As of Jan. 31, 2006, 11,568 of its ATMs could provide cash withdrawal service to foreign countries' credit cards.

 

BAC, listed in New York Stock Exchange, is one of the world's largest financial institutions. It has about 5,800 retail banking offices. The company serves clients in 150 countries and regions and has relationship with 97 percent of the US Fortune 500 companies.

 

(Xinhua News Agency March 23, 2006)