(16 May 2017 – Asia) Agricultural Bank of China (ABC) and DBS Bank (DBS) announced the signing of a Moratorium of Understanding (MOU) at the “Belt and Road Forum for International Cooperation”.
The MOU commits both banks to strengthen and further the long-term comprehensive partnership between the pair.
According to the MOU, both parties will work together to explore ways to improve cooperation in several areas including international and domestic trade finance and settlement, custody, global financial markets, asset management, capital markets, liquidity support and training of staff. This latest MOU builds on an earlier one signed by both banks in 2009 to enhance collaboration across different businesses.
DBS Group CEO Piyush Gupta said: “I am delighted to participate in the ‘Belt and Road Forum’ and to deepen DBS’ partnership with Agricultural Bank of China through the signing of this enhanced MOU. By strengthening our cooperation with China’s financial institutions, I believe DBS will be able to contribute further to the business and financial framework for OBOR, and support more Chinese clients in their international expansion.”
DBS has been in China for more than two decades, and says it is committed to supporting the world’s second largest economy’s business and economic development.
In relation to OBOR, DBS added that will be able to leverage its Asia connectivity, strong product capability, service innovation, as well as access to capital markets and funding, to help clients and partners succeed in winning infrastructure projects.