One of China’s big state-owned banks and a leading joint-stock lender have inked an agreement to enter a full strategic partnership.
On 17 August Industrial Bank Co., Ltd. and Postal Savings Bank of China (PSBC) executed a comprehensive strategic cooperative agreement in the Fujian province city of Fuzhou, where Industrial Bank is headquartered.
Under the Agreement, both parties will “engage in comprehensive cooperation in the areas of interbank financing, financial inclusion, green finance, investment banking, trade finance, wealth management, agency operations, Internet finance, information technology and personnel training.”
The Agreement will also see the two banks “strengthen comprehensive coordination and multi-tier coordination for factors of production including fund, risk control, channels, operations and technology, and further strengthen the ability to service the real economy and prevent and control financial risk.”
PSBC and Industrial Bank said that they hope their comprehensive partnership will help to “expedite an upgrade in the competitiveness of China’s financial sector.”