The Agricultural Bank of China (ABC) is amongst the first of China’s major banks to provide financial services in the country’s new set of inland free trade zones established towards the end of last year.
ABC has successfully launched banking operations in 7 of China’s newly established free trade zones, grabbing a slew of key clients.
In the the Zhejiang Free Trade Zone ABC already has 18 new clients, and recently executed a strategic cooperation agreement with a petrochemical firm as well as reached a cooperage understanding for 160 billion yuan in investment projects.
In the Zhoushan Port Free Trade Zone ABC is providing financial service support to the international aviation sector, while in the Sichuan Free Trade it is handling the the first set of cross-border financing under letters of credit on behalf of enterprises in the zone.
ABC has also grabbed an early starter advantage in the Shaanxi Free Trade Zone, where it has become the first bank to open a set of three branches, as well as established a free-trade zone basic enterprise account by means of the free-trade zone joint platform established by local government.
ABC has said that it will make further use of the financial innovation platforms of free trade zones, strengthen internal and external links, as well as provide clients with convenient, specialised, high-quality integrated financial services.