The Agricultural Bank of China (ABC) signed a strategic cooperation memorandum with the Singapore Exchange Limited (SGX) on Monday, aiming to help Chinese companies list on its board, according to ABC.
ABC vice president Yang Kun noted the cooperation would benefit both sides as well as Chinese companies as they could seek to raise international funds efficiently.
He said by signing the memo the bank would further extend its services to the overseas financial market, an important milestone for its global business.
Hsieh Fu Hua, SGX chief executive officer, said the agreement would enable the exchange to use ABC's extensive branch network in the domestic market and to promote the bourse as the Asian listing hub for Chinese mainland companies.
According to ABC, 147 Chinese companies had listed on SGX before the two signed the memo.
ABC has the most outlets in the domestic market. It has branches in Singapore and Hong Kong Special Administrative Region, and offices in London, Tokyo and New York. The bank ranked 65th among the world's 1,000 largest lenders and was scheduled to go public sometime in the next three years.
(Xinhua News Agency August 6, 2008)
