OREANDA-NEWS. November 12, 2013. Bank of China has entered into collaboration with tens of overseas correspondent banks for businesses in China (Shanghai) Pilot Free Trade Zone, which will strengthen the FTZ businesses cooperation between BOC and each correspondent bank, open FTZ specialized trade settlement accounts and serve global cooperate customers together.

On September 29, Bank of China China (Shanghai) Pilot Free Trade Zone Branch got approval of opening by CBRC and thus became one of the first financial institutions opening to the public. With three sub-branches in the FTZ, BOC is one of the commercial banks with most branches in number in the zone and the first choice for trial implementation of key financial, taxation and foreign financing and investment policies in the FTZ.

Up to now, BOC has assigned “Letter of Intent in Business Cooperation in China (Shanghai) Pilot Free Trade Zone” with foreign correspondent banks from Asia, Europe, America, Africa, Oceania, including Standard Chartered Bank, Sumitomo Mitsui Banking Cooperation, National Australia Bank, Overseas-Chinese Bank Corporation, Banco de Sabadell, PT Bank Mandiri, West Commercial Banks, Abu Dhabi Commercial Bank, Banca MPS. BOC also assigned “comprehensive cooperation agreement” with Bank of Tokyo-Mitsubishi UFJ, Ltd.