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Banks tie cross-border hands
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PARIS-BASED Societe Generale and Beijing-based Industrial and Commercial Bank of China yesterday agreed to deepen cooperation on cross-border cash and capital business.
Under the memorandum of understanding signed in Beijing yesterday, the two banks will fully collaborate on cross-border yuan business, cash management and international payments. They will also cooperate on corporate lending and syndicated loans, investment banking, wealth and asset management, and custodian services.
The two banks will also cooperate to distribute financial products especially wealth and asset management products, Societe Generale said in a statement.
The agreement seeks to combine Societe Generale’s global networks and ICBC’s strong presence on China’s mainland to offer financial services for corporations and individuals.
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