ICBC, Ministry of Railways in strategic partnership
Industrial and Commercial Bank of China (ICBC)<601398><1398>, the nation’s largest lender, has signed an agreement with the Ministry of Railways to form a strategic partnership in a bid to better facilitate the country’s railway transportation development, as per industry sources.
Pursuant to the agreement, ICBC will be the priority bank for MOR to provide the latter with a wide range of quality financing services in many business sectors.
In addition, both sides will explore further cooperation on business fields of enterprise annuity, bonds underwriting, cash management, bank card, international business, investment banking business, and intermediary business.
The Chinese lender will utilize its advantage on the inter-borrowing market and its advanced network system, information and capital resources to provide fast, convenient and quality services to MOR, who would obtain more than RMB 2 trillion of investment for railways construction over the following two years.
Previously, China Construction Bank Corp (CCB)<601939><939>, one of country’s four largest state-owned commercial banks, also expected and showed interest in offering capital support to the country’s railway construction.
Tags: China Construction Bank, China Investment, ICBC, Railway