The Industrial and Commercial Bank of China (ICBC) and the South Korean Hanvit Bank will carry out broad cooperation in various banking business, according to an agreement signed in Beijing on Wednesday between the two sides.
A spokesman for the ICBC said that the signing of the agreement will further reinforce their business cooperation and help them use their advantages in their respective countries, so as to provide highly efficient financial services to South Korean enterprises in China and Chinese enterprises in South Korea, as well as enterprises and individuals engaged in Sino-Korean trading.
Business sectors covered by the agreement include capital remittance, credit granting, and information exchange. To initiate the cooperation, Hanvit Bank will handle China bound remittance businesses via the Seoul branch of the ICBC, which enables the money to reach the targeted account in China within 24 hours.
The ICBC is China's largest State-owned commercial bank and it has a branch in Seoul, while Hanvit Bank is one of South Korea's largest commercial banks, and it is now 100 percent owned by the government. In China Hanvit has opened a branch in Shanghai.
(China Daily 06/27/2001)
