ABC and Standard Chartered tie up as strategic partners
By Zhang Fengming |
June 18, 2010, Friday
|
Print Edition
Print Edition
THE Agricultural Bank of China, whose pending listing could be the world's biggest, has allied with Standard Chartered Plc as strategic partners to expand cooperation and explore business opportunities.
The two banks yesterday signed a memorandum of understanding to seek opportunities in retail and wholesale banking in China and globally, the British bank which generates two-thirds of its profits in Asia said in a statement.
The memorandum will allow the banks to tap growing trade within Asia and between Asia and Africa and also enable Chinese businesses to access international capital markets.
The two banks will also form a joint cooperation committee to be co-chaired by Standard Chartered Chief Executive Peter Sands and ABC President Zhang Yun.
Standard Chartered didn't say whether the two banks will buy stakes in each other.
ABC is strengthening its overseas network and capability by joining hands with foreign banks even as it is planning to go public through a mega-sized dual-listing in Shanghai and Hong Kong scheduled on July 15. The Chinese bank is expected to raise up to US$28 billion via its dual-listing which could be the biggest initial public offering since the US$22 billion sale by the Industrial and Commercial Bank of China in 2006.
ABC kicked off its A-share pre-roadshow yesterday to attract institutional investors. Individual investors can subscribe to its shares on July 6, with issuing prices set on July 7 and posted on July 8.
The bank is reported to be reserving as much as 40 percent of the Hong Kong shares for corporate investors in exchange for them not selling their holdings for a few months.
Rabobank, Qatar Investment Authority, Kuwait Investment Authority and Archer Daniels Midland Co were among those which may buy shares via this arrangement, said earlier media reports.
Rabobank Groep NV, the world's biggest agricultural lender, said on June 4 that it will start a strategic partnership with ABC. They will tap opportunities in wholesale banking, leasing and asset management to develop and distribute products through the Chinese bank.
The two banks yesterday signed a memorandum of understanding to seek opportunities in retail and wholesale banking in China and globally, the British bank which generates two-thirds of its profits in Asia said in a statement.
The memorandum will allow the banks to tap growing trade within Asia and between Asia and Africa and also enable Chinese businesses to access international capital markets.
The two banks will also form a joint cooperation committee to be co-chaired by Standard Chartered Chief Executive Peter Sands and ABC President Zhang Yun.
Standard Chartered didn't say whether the two banks will buy stakes in each other.
ABC is strengthening its overseas network and capability by joining hands with foreign banks even as it is planning to go public through a mega-sized dual-listing in Shanghai and Hong Kong scheduled on July 15. The Chinese bank is expected to raise up to US$28 billion via its dual-listing which could be the biggest initial public offering since the US$22 billion sale by the Industrial and Commercial Bank of China in 2006.
ABC kicked off its A-share pre-roadshow yesterday to attract institutional investors. Individual investors can subscribe to its shares on July 6, with issuing prices set on July 7 and posted on July 8.
The bank is reported to be reserving as much as 40 percent of the Hong Kong shares for corporate investors in exchange for them not selling their holdings for a few months.
Rabobank, Qatar Investment Authority, Kuwait Investment Authority and Archer Daniels Midland Co were among those which may buy shares via this arrangement, said earlier media reports.
Rabobank Groep NV, the world's biggest agricultural lender, said on June 4 that it will start a strategic partnership with ABC. They will tap opportunities in wholesale banking, leasing and asset management to develop and distribute products through the Chinese bank.
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