Chinese, Korean Banks Join Hands

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Last updated at: (Beijing Time) Tuesday, July 16, 2002

Chinese, Korean Banks Join Hands

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The Industrial and Commercial Bankof China (ICBC) and the Korea Exchange Bank (KEB) of the Republic of Korea (ROK) signed an agreement of all-round business cooperation here Monday in an effort to offer more financial services for their clients.

A spokesman for the ICBC said the agreement covers remittance, crediting, credit card, information exchange and other business areas. According to the agreement, the ICBC and the KEB will offerfavorable conditions for each other's clients when providing them with loans in local currency.

In individual financial services, the ICBC and the KEB will offer favorable exchange rate for card holders of the other bank when they change foreign currencies or draw cash. In addition, clients of one bank can use the other bank's services in money remittance.

Founded in 1967, the KEB is one of the largest commercial banksof the ROK, and it is also the earliest ROK bank to enter the Chinese market. So far the bank has opened branches in Beijing, Tianjin, Dalian and some other Chinese cities.

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