Standard Chartered (StanChart) has signed a deal with
Agricultural Bank of China (ABC) in an effort to boost the bank’s
presence in mainland China.
The deal will also give ABC access to Asia, the Middle East and
Africa, where StanChart earns 90% of its income and profits.
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John Peace, chairman of StanChart said the deal will forge a
“stronger and deeper” partnership with ABC.
A joint committee headed by StanChart’s chief executive Peter
Sands and ABC’s president Zhang Yun, will attempt to drive the
partnership forward across Asia, with Hong Kong identified as a
pilot region.
The alliance comes as ABC prepares to raise more than $23bn in
the world’s largest initial public offering.
