Thursday, 26 December 2024
Standard Chartered signs ‘One Belt One Road’ business cooperation agreement with China Merchants Bank
Singapore -- Standard Chartered Bank has entered into a ‘One Belt One Road’ (OBOR) strategic alliance with China Merchants Bank (CMB) to accelerate the Belt and Road initiative and help promote economic growth and regional cooperation for countries along the OBOR.
Anurag Bajaj, Global Head, Banks, Standard Chartered, said, “The signing of this agreement marks another milestone for Standard Chartered’s One Belt One road journey. With our deep rooted presence in over 65 per cent of the OBOR countries and an estimated US$1 trillion financing need in the next decade, Standard Chartered is committed to supporting our clients and their ecosystem in the Belt and Road projects. China Merchants Bank is the first joint-stock commercial bank in mainland China to establish the task force on “Belt and Road” related businesses and we are delighted to be partnering with them to increase cooperation in the region and further accelerate the progress of OBOR.”
Through this agreement, both banks will be able to leverage each other’s expertise and provide more financial services and solutions across various areas including project financing, renminbi internationalisation and bilateral investment treaties for multinational corporations.
The key driver behind the strategic collaboration between Standard Chartered and China Merchants Bank lies in the distinct strengths and features of CMB in supporting its clients to expand the business in “Belt and Road” regions through its diversified portfolio of products as well as its cross-border finance platform including domestic and overseas branches, offshore finance centre, wholly-owned investment banking subsidiaries and wholly-owned financial leasing companies. This is also the first OBOR cooperation agreement signed by China Merchants Bank to make Standard Chartered its strategic partner in OBOR countries.
Gongzheng Li, Deputy General Manager of FI Dept., China Merchants Bank, said, “Standard Chartered’s proven track record, rich experience and strong expertise in the Belt and Road projects makes them the ideal partner for us. With this partnership, we will be able to expand our offerings and leverage Standard Chartered’s unique network and franchise capabilities to better support our clients’ growth plans.
Re-disseminated by The Asian Banker
