The Bank of China and Agricultural Bank of China have
both announced new strategic partnerships with Deutsche Börse and Standard Chartered Bank respectively.
Deutsche Börse Group and the Bank of China have signed a memorandum of understanding (MOU) to initiate a strategic cooperation. The two will enter into a partnership to explore potential areas of co-operation in China and the European Union.
They plan to promote the development of the offshore renminbi market in Europe and will look into ways the Bank Of China can improve access to European capital markets via its Frankfurt branch.
The Agricultural Bank of China (ABC) and Standard Chartered Bank have announced that they will work together to provide renminbi clearing services in the UK market.
The two banks have also renewed a memorandum of understanding that was originally established three years ago, which will see the pair continue their partnership in areas such as SME financing and support of Chinese corporates operating overseas.
In July 2010, Standard Chartered acted as a cornerstone investor in ABC’s H-Share IPO and subscribed to US$500 million worth of H-shares.