NDB and Bank of Communications Sign Memorandum of Understanding on Strategic Cooperation
The New Development Bank and the Bank of Communications Co., Ltd. signed today in Shanghai a Memorandum of Understanding on Strategic Cooperation. According to the MoU, the banks will establish a long-term, stable, and mutually beneficial strategic partnership by combining their resources and professional expertise The document was signed by Mr. K.V.Kamath, the President of the NDB and Mr. Niu Ximing, the Chairman and Executive Director of the Bank of Communications.
“This memorandum creates a platform for strengthening our partnership with the Bank of Communications. We will work together and promote various forms of cooperation, including co-financing and syndication, explore and cooperate in financial market businesses such as currency, foreign exchange, bonds and derivatives. We look forward to leveraging the business advantages of the Bank of Communications, with the aim of promoting infrastructure and sustainable development of our member countries, other emerging economies and developing countries,” said Mr. K.V.Kamath. “In line with the NDB’s mandate, we are engaging in partnerships with national development institutions and leading commercial banks from our member countries,” he added.
“The NDB is an important addition to the international financial architecture and will help BRICS and other developing countries to accelerate infrastructure construction and promote sustainable development projects,” said Mr. Niu Ximing. “The NDB and the Bank of Communications have their respective focuses and an ample space for cooperation while possessing a strong complementarity between their resources.” He also noted that both Banks are headquartered in Shanghai, which is beneficiary for the provision of services to the NDB in a “head office to head office” format. Mr. Niu Ximing also stressed that the Bank of Communications has a rich experience of implementing infrastructure and sustainable development projects.
The New Development Bank was created with a vision to support and foster infrastructure and sustainable development initiatives in emerging market economies and developing countries. The Bank will complement the efforts of other existing financial institutions to realize the common goal of global growth. The founding members of the NDB – Brazil, Russia, India, China and South Africa (BRICS) – have contributed with USD 1.5 billion thus far to the Bank’s paid-in capital. With the signing of the Headquarters Agreement with the Government of the People’s Republic of China and Memorandum of Understanding with Shanghai Municipal People’s Government in February 2016, the Bank became fully operational.
Founded in 1908, the Bank of Communications is one of oldest banks in China and the China’s first state-owned shareholding commercial bank. The Bank has 30 provincial branches all over China and more than 3000 outlets nationwide. The Bank of Communications is pushing forward the strategic transformation to build itself into a first-class modern financial corporation.