StanChart to enter into partnership with China’s AgBank

StanChart to enter into partnership with China’s AgBank
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First Published: Thu, Jun 17 2010. 11 15 AM IST
Updated: Thu, Jun 17 2010. 11 15 AM IST
Hong Kong: Standard Chartered Bank Plc and Agricultural Bank of China have agreed to a strategic partnership, making StanChart the second global bank to form an alliance ahead of AgBank’s record-breaking initial public offering.
Netherlands-based Rabobank signed a similar agreement with AgBank earlier this month and has not ruled out from becoming a cornerstone investor in AgBank.
Standard Chartered said in a statement on Thursday that it had signed an agreement with AgBank to explore joint development of business opportunities.
Under the agreement, StanChart and AgBank would explore collaboration in retail and wholesale banking products and services, within China and internationally, it said.
“The partnership will focus on the increasingly strong intra-Asia and Asia-Africa trade corridors ... while also looking at joint opportunities across ABC’s and Standard Chartered’s domestic Chinese market operations,” StanChart said in the statement.
AgBank is seeking to raise more than $23 billion in the world’s biggest initial public offering (IPO) and will launch the Shanghai portion of its IPO this week.
AgBank, China’s third-biggest lender by assets, has said up to 40% of the Shanghai offering, including the green-shoe option, would be placed with strategic investors.
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First Published: Thu, Jun 17 2010. 11 15 AM IST