The Agricultural Bank of China (ABC) and Holland’s Rabobank have signed a memorandum of understanding (MOU) to establish a strategic framework for bilateral cooperation.
Under the MOU, Rabobank has agreed to provide technical support and training to strengthen ABC’s capability in a number of business areas, particularly trade finance.
In return, Rabobank has the opportunity to strengthen its position in China, with ABC offering a distribution platform for Rabobank’s various business lines.
Sipko Schat, member of the executive board of Rabobank Nederland and chairman of Rabobank International’s wholesale banking, says: “The collaboration with ABC underscores our commitment to the Chinese market. The strategic partnership enables Rabobank to leverage ABC’s extensive branch network and reach out to a wider range of clients. Due to our shared orientation of being close to our clients, especially farmers, we believe both banks can create strong business synergies.”
Schat adds: “As one of the first foreign banks entering into such a strategic partnership with ABC, Rabobank shows it commitment to leveraging its global network and experience to provide international wholesale banking and trade finance support to ABC’s international corporate clients in countries where Rabobank is present.”
Last Updated June 07, 2010
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