Hang Seng joins forces with Industrial Bank

The MOU aims to deepen Hang Seng’s long-term commitment to the Mainland market.

Hang Seng Bank on Tuesday signed in Hong Kong a memorandum of understanding (MOU) with Industrial Bank to further strengthen bilateral cooperation between the two banks in various areas of business and facilitate economic and trade development in Hong Kong and mainland China. Mrs Margaret Leung, Vice-Chairman and Chief Executive at Hang Seng Bank, and Mr Gao Jianping, Chairman of Industrial Bank, attended the signing ceremony.

The signing of the MOU will see Hang Seng and Industrial Bank step up close cooperation in the areas of credit facilities, customer service, product development and distribution, asset management, private banking, market research and risk management, according to a Hang Seng report.

Mrs Leung said: “The signing of this MOU not only deepens our collaboration with Industrial Bank, but also further demonstrates our long-term commitment to the Mainland market. With the ongoing opening up of the Mainland financial sector and offshore renminbi financial services, we will continue to leverage our close relationship with Industrial Bank to develop our renminbi-related business and support the growth of trade and investment between Hong Kong and the Mainland.”

Mr Gao said: “Since Hang Seng’s equity investment in Industrial Bank in 2004, fruitful results have been achieved from the strategic cooperation. Strengthening collaboration with Hang Seng has greatly enhanced our management capability and competitiveness by way of referencing Hang Seng’s advanced system, management, technical know-how and product capabilities. The expanding cooperation between the two banks has also contributed to the growth of investment, trade and economic development in Fujian and Hong Kong. The signing of this MOU marks another milestone in our collaboration with Hang Seng and further enhances the scope and level of win-win cooperation between the banks.”

Hang Seng took a strategic shareholding in Industrial Bank in April 2004 and currently holds a 12.8% stake. The two banks have been cooperating closely in areas such as credit card business, trade finance, deposit service and remittance solutions.