OREANDA-NEWS. April 07, 2011. At the “Introduction Meeting for the Scientific Development and Leaping Development of Fujian Province” held at the Hong Kong International Convention and Exhibition Center, IB and Hang Seng Bank signed a letter of intent on strategic cooperation. The two parties will further intensify their friendly partnership, actively promote the in-depth communication and cooperation in the areas of capital circulation, customer service interaction, financial markets business, asset management business, personal banking, market research, and risk management, etc., and jointly drive the sustainable and fast development of the economic and trade cooperation between the Chinese Mainland and Hong Kong . Gao Jianping, Board Chairman of IB, and Margaret Leung Ko May Yee, Vice-Chairwoman and Chief Executive Officer of Hang Seng Bank, signed the letter of intent on behalf of both parties respectively, reported the press-centre of Industrial Bank.

Chairman Gao Jianping indicated that since Hang Seng became a shareholder of IB in 2004, the strategic cooperation between the two parties had produced copious benefits. On one hand, the strategic partnership between the two parties had become increasingly consolidated. By learning the advanced system, management, technologies, and products of Hang Seng Bank, IB had significantly improved its own business management level and market competitiveness in a continuous and accelerated way.

On the other hand, with their increasing development in business interaction and cooperation, both parties had made considerable contributions in serving the investment and trade dealings between the Chinese Mainland and Hong Kong , as well as in the sustainable and fast development in economic and trade cooperation between the two sides. The letter of intent on strategic cooperation between the two parties is another important milestone for the friendly and practical cooperation between two parties, who will complement each other and take the win-win situation to a larger scale, over wider areas and at a higher level.

Margaret Leung Ko May Yee, Vice-Chairwoman and Chief Executive Officer of Hang Seng Bank indicated that Hang Seng had always stressed market development on the mainland. Along the continuous opening up of the financial market and RMB business in the mainland, Hang Seng would, via cooperation with IB, accelerate the development of RMB related businesses and continue serve the economic and trade dealings, and economic construction between Hong Kong and the mainland.

As the only listed national bank headquartered in the West Straights, IB has fully actively employed its geographical and cultural advantages to extend cross-border financial services and strengthen financial cooperation with Hong Kong , Macao and Taiwan . Currently, IB has established agency bank relationships with over 1000 banks around the globe, of which 165 agency banks are in Hong Kong, Macao and Taiwan . Based on close partnerships established with a large number of enterprises funded by Hong Kong , Macao and Taiwan , IB provides diversified financial services including financing settlement, asset management, financial consultation, and bond underwriting, etc. In 2004, IB successfully engaged three overseas investors including Hang Seng Bank, which is the second largest shareholder of IB holding 767 million IB shares, a 12.80% stake. The two parties have carried out extensive cooperation and communication in many areas, such as corporate governance, retail business, management accounting, internal audit, and employee training. The strategic partnership between the two parties becomes increasingly consolidated.

IB plans to establish branches in Hong Kong for developing financial market business, trade financing business, stock market business and asset management business in order to serve the economic and trade dealings between Hong Kong and the mainland. The bank will also explore the issuance of RMB bonds to enhance its capital strength and comprehensive competitiveness, meanwhile, also strive for drive for the development of a RMB offshore finance market in Hong Kong and accelerate the internationalization of the RMB.