BNP Paribas (China) Limited and the Industrial and Commercial Bank of China (ICBC), the largest bank in China by banking assets, on 9 January 2009 signed a cooperative agreement in Beijing on cash management services. The signing ceremony was attended by the global head of International Cash Management of BNP Paribas and the general manager of Payments and Cash Management Department of ICBC.
Under the agreement, both partners will embark on a fully-fledged cooperation initiative on cash management. Areas of cooperation include the following: Assist both parties’ customers to establish the local fund settlement network, provide banking fund settlement services to the partner bank’s customers, online banking services, account management services, collection and payment settlement services, cash pooling, bank card (including debit card and credit card), POS services, ATM services, cash services and small change services.
Meanwhile, the agreement also defines the general model for the partnership; service warranty matters, specification of service items and standards.
Commenting on the partnership, Francois Cristofari, CEO of BNP Paribas (China) Ltd, said, “We are very glad to have partnered with ICBC. Through this cooperative effort, BNP Paribas is able to extend its cash management service offering in China to a much wider local and regional customer base. Tapping into ICBC’s sophisticated and extensive network, our corporate customers will now enjoy much better convenience in getting access to our cash management products and services.”
Mr. Vincenzo Calla, Head of International Cash Management, said, “Our strategy is to provide our clients with the best cash management products and solution worldwide. The development of our capability in Asia, in particular in China, is a key component of it. This partnership is important in allowing us to share best practices and to jointly deliver the most efficient cash management solution to our clients in China.”
Ms. Xu Yan, General Manager of Payments and Cash Management Department, ICBC, said, “During the course of ICBC’s business development, ICBC has always placed cash management business as its core strategic business. In China, we are the first to launch the cash management brand – the “smart account”. ICBC has always been awarded the best cash management bank in China by reputable media. As of the end of 2008, ICBC has a total of contracted cash management customers of over 110,000. Through this cooperative effort with BNP Paribas, both firms are to strengthen the cash management service execution capabilities and to provide their best customers with cash management services. The aim is to gain a wider market access and to extend their offerings to more multi-national customers.”
About Industrial and Commercial Bank of China (ICBC)
ICBC was listed by way of an Initial Public Offering (IPO) on both the Shanghai Stock Exchange and the Stock Exchange of Hong Kong Ltd on 27 Oct 2006. ICBC’s USD21.9 bn IPO was the largest in history. As of the end of the third quarter 2008, ICBC has a total of asset of RMB 9.38 trillion, deposit worth RMB 8.8 trillion while, after-tax profit amounting to RMB 93.077 billion. ICBC was also awarded by international reputable media as the best Chinese bank, best cash management bank, best online bank, best custodian bank and receiving numerous global awards including the best transaction awards.
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is a European leader in global banking and financial services and is one of the 3 strongest banks in the world according to Standard & Poor’s. The group is present in 85 countries, with more than 171,000 employees, including 131, 000 in Europe. The group holds key positions in three major segments: Corporate and Investment Banking, Asset Management & Services and Retail Banking. Present throughout Europe in all of its business lines, the bank’s two domestic markets in retail banking are France and Italy. BNP Paribas also has a significant presence in the United States and strong positions in Asia and the emerging markets.