Singapore's DBS Bank has signed an Memorandum Of Understanding with a major Chinese banking group.
With a commitment to strengthen and further the long-term comprehensive partnership between the two banks, the Memorandum Of Understanding (MOU) with The Agricultural Bank of China (ABC) was signed on the sidelines of the «Belt and Road Forum for International Cooperation» in Beijing.
According to the MOU, both parties will work together to explore ways to improve cooperation in a number of areas. These will include international and domestic trade finance and settlement, custody, global financial markets, asset management, capital markets, liquidity support and training of staff.
This latest MOU builds on an earlier one signed by both banks in 2009 to enhance collaboration across different businesses.
Size Matters
ABC has 320 million retail customers, 2.7 million corporate clients, and nearly 24,000 branches. It is China's third largest lender by assets.
DBS has been in China for over two decades, and is committed to supporting China’s business and economic development.
«By strengthening our cooperation with China’s financial institutions, I believe DBS will be able to support more Chinese clients in their international expansion,» said Piyush Gupta DBS Group CEO.
