OREANDA-NEWS. May 12, 2012. Nearly 100 representatives from over 40 foreign banks participated in the Golden Bonds International Business Seminar of Agricultural Bank of China Limited (ABC) in Shenzhen, and discussed how to strengthen cooperation with correspondent banks and provide better cross-border financial services, reported the press-centre of ABC.

On the seminar, ABC and 12 overseas correspondent banks signed 13 cross-border financial services cooperation agreements, covering cross-border RMB settlement, forfaiting, risk participation and USD clearing. The 12 cooperative banks include Cathay United Bank, Wing Lung Bank, Raiffeisen International Bank, the Malaysian Commerce International Merchant Bank (CIMB), Pakistan National Bank, Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi UFJ, Credit Suisse, Bangkok Bank and the French Credit Agricole SA.
In recent years, ABC continues to deepen the cooperation with its global peers. By the end of 2011, it had established correspondent bank relationship with 1,350 financial institutions spreading 111 countries and regions.

The scope of cooperation has gradually expanded from traditional remittance clearing, international settlement and foreign exchange transactions to cross-border RMB settlement, investment and financing, trade finance, asset custody, investment banking, treasury operations, cash management, syndicated loan and customer referral. These services provide powerful support for customers in cross-border trade and operation. At the same time, ABC takes opportunities arising from RMB internationalization, and makes full use of its own market advantages in funds, network and customer resources to provide cross-border RMB settlement, trade finance and investment services for overseas financial institutions.
 
Since going public, ABC has focused on developing trade and financial services, enhanced business expansion and promoted its international business to a new development stage. In 2011, its market share of the income from international business, the balance of RMB and foreign currency trade finance and the balance of foreign guarantees increased most rapidly among the four big banks. Moreover, ABC further improved its overseas network. After the UK subsidiary and Seoul Branch were put into operation, the overseas network of ABC has covered 8 countries and regions and provided a wide range of services, including international syndicated loan, local bilateral loan, trade finance, investment banking, cross-border RMB settlement, multi-currency clearing and cash management.

By far, ABC has set up over 100 cross-border RMB settlement accounts for overseas peers. It has successfully extended its RMB settlement service to over 100 countries while satisfying customers' needs for cross-border RMB settlement.

Mr. Pan Gongsheng, Executive Director and Executive Vice President of ABC, pointed out in his speech on the Seminar that ABC would continue to deepen the cooperation with domestic and foreign financial institutions in the future. It will endeavor to build worldwide golden bonds of trade and financial services for mutual growth and development with global customers.