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ICBC Cooperates With JP Morgan to Support Enterprises’ Global Development
 

On May 8, ICBC and JP Morgan signed the Trading Banking Cooperation Memo in Beijing aimed at leveraging advantages of both sides to expand cooperation in payment, settlement, cash management, trade financing, interest rates, forex risk management and information security, etc., which will subsequently provide strong support for Chinese and foreign enterprises. Hu Hao, Vice President of ICBC, and Takis Georgakopoulos, Global Head of Treasury Services of JP Morgan attended the signing ceremony.

Hu Hao said in his speech that ICBC is delighted to enter into cooperation and consultation with JP Morgan in multiple areas. Both sides will jointly strive to provide quality and comprehensive financial services to customers. ICBC will stick to the philosophy of “Customer First”, and take full advantage of quality resources of its own and cooperating banks. While centering on the actual financial demand on production, operations and upstream and downstream trading activities for enterprises, ICBC is to offer a comprehensive financial service package covering the whole trading process, including payment, settlement, cash management, trade financing and asset custody, all of which will facilitate the development and success of Chinese and foreign enterprises.

Takis Georgakopoulos said that JP Morgan is more than happy to start close cooperation with ICBC to provide better services and solutions for customers. Tremendous opportunities are presented to global customers thanks to China’s economic and financial market reform, the Belt & Road Initiative and RMB internationalization. JP Morgan is devoted to the key market of China and will continue to utilize global network and resources to help Chinese enterprises realize their grand goal of global expansion and foreign enterprises achieve great success in China.

According to sources, in recent years, while centering on the trend of all-around opening up, ICBC keeps improving its global network so as to support Chinese enterprises to accelerate their pace to “Go Global” and encourage their participation in the development of the Belt & Road Initiative. So far, ICBC has established more than 400 overseas institutions in 45 countries and regions and indirectly extended to 20 African countries by holding equity interest in Standard Bank of South Africa. The agency network of ICBC has covered more than 95% countries and regions which have investment in or trade relationship with China. Besides, by fully leveraging its own advantages and consistently pushing forward comprehensive development and overseas expansion of key product lines, ICBC has witnessed a continuous enhancement of its global financial service capabilities. For instance, the global cash management business of ICBC has covered over 6,300 enterprises in more than 80 countries and regions. ICBC is also the first Chinese bank that has built a global RMB clearing network stretching across Asia, Europe and America with the ability to provide around-the-clock RMB clearing services worldwide. ICBC’s financial market business offers around-the-clock trade in foreign currency bonds, forex transactions, account precious medal and commodities, and covers over 30 currencies for forex settlement and sales. “ICBC e-Security”, a network security product developed by the bank based on big data technology, has been successfully put into use by financial institutions in five continents, suggesting its information service for big data risk control has been widely recognized by global peers.


(2018-07-02)
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