CMB and Deutsche Bank extend partnership
(13 October 2015 - China) China Merchants Bank (CMB) and Deutsche Bank yesterday announced the signing of a Memorandum of Understanding (MoU) for a full range of global banking services, including cash management and trade finance.
As part of this MoU, CMB will use Deutsche Bank’s multi-currency clearing services and import financing in RMB and foreign currency, as well as other banking services.
Mr. Zhihong Tang, Executive Vice President of China Merchants Bank, said: “We are delighted to expand our relationship with Deutsche Bank. The extension of this cooperation will cover many areas of banking, which we believe will add to the success of this ongoing partnership. We look forward to continuing to work with Deutsche Bank.”
Nancy So, Head of Institutional Cash Sales, Asia Pacific, Global Transaction Banking at Deutsche Bank, added “With China’s ambition to further grow its economy through strategic initiatives such as ‘The Belt and Road’, expanding the scope of cooperation with our Asia-based financial institution clients, such as China Merchants Bank, will be mutually beneficial.”
Headquartered in Shenzhen, China Merchants Bank provides personal, corporate and investment banking services. As of the end of 2014, CMB had 127 branches and 1,451 sub-branches in more than 120 cities of Mainland China.
CMB has two wholly-owned subsidiaries in Hong Kong - Wing Lung Bank Ltd. and CMB International, as well as branches in Hong Kong, New York, Singapore, Luxembourg and representative offices in London and Taipei.
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