OREANDA-NEWS. June 10, 2011. Recently, Shaanxi Branch of Agricultural Bank of China (ABC) successfully conducted an agency payment transaction under domestic L/C worthy of RMB 96 million for Xi'an Branch of China CITIC Bank, which was the first of its kind in ABC, reported the press-centre of ABC.

In recent years, Shaanxi Branch of ABC has continuously enhanced the cooperation with small and medium-sized joint stock commercial banks on new types of agency services. In early 2011, being informed that China CITIC Bank was searching for a cooperative bank in Xi'an for payment business under domestic L/C, ABC responded rapidly and studied carefully on this case. Such service created high value, yet there was no precedent in the inner-system of ABC. On the basis of a vigorous research for specifying business process and implementing the responsibilities of marketing and management, the bank made a prompt report to superior authorities and obtained the approval and support from the Head Office of ABC. Soon afterwards, the bank had numerous cautious consultations on the details such as specific business process, risk control measures and initiating approach for single business with Xi'an Branch of China CITIC Bank. Finally they reached an agreement and signed the cooperation agreement in late April.

To fulfill the cooperation agreement, Shaanxi Branch of ABC made all kinds of preparations for business inquiry, counter operation, accounting and management of standing book, etc. After the approval of the Head Office of ABC, the bank successfully conducted an agency payment transaction under domestic L/C worthy of RMB96 million with the term of six months for Xi'an Branch of China CITIC Bank, which not only met the urgent needs of the other party for business development, but also brought itself considerable income, achieving win-win cooperation between the two banks.

Meanwhile, in view of the actual situation that China CITIC Bank had a fairly large business volume of domestic L/C and there was a broad space for cooperation, Shaanxi Branch of ABC gave full play to the advantages of its own products, thoroughly searched after the demands of China CITIC Bank, and further enhanced the cooperative intentions with respect to the businesses such as mutual currency deposit, issue of Letter of Guarantee(L/G) as an agent, forward settlement and sale of foreign exchanges, thus laying a solid foundation for both parties to deepen cooperation, and constantly improving the value creativity and core competitiveness of interbank businesses.