Standard Bank and ICBC are set to work more closely together in trade finance and cash management following the signing of two agreements at Sibos in Toronto.
The agreements were signed by Craig Bond, China chief executive of Standard Bank and ICBC’s senior vice-president Yi Huiman.
One agreement provides a framework for cooperation in trade and settlement while the other is a memorandum of understanding on the settlement of precious metals transactions.
“We see significant growth opportunities in the trade and cash management sector, as well as for substantial cooperation in the precious metals business. We are pleased to be working with ICBC to capture and develop these opportunities,” says Bond.
“As trade between China and emerging markets, particularly Africa and South America, continues to grow, we are proud to be formalising these additional elements of cooperation with ICBC of precious metals settlements, trade finance, international payments and RMB settlement,” he adds.
ICBC acquired a 20% shareholding in Standard Bank in 2007 and since then the two banmks have worked together on a number of transactions.