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SINGAPORE : DBS Bank has signed an agreement with the Agricultural Bank of China (ABC) to enhance cooperation in several business areas.
These include cash management, treasury products, loan syndications, corporate finance, trade finance, asset management and private banking.
ABC has the largest network in China, with over 24,000 branches, sub-branches and outlets in the country.
Among the areas of collaboration, ABC will mandate DBS as one of its major clearing banks for settlement of Singapore dollar and Continuous Linked Settlement trades.
ABC will also appoint DBS as its custodian bank in Singapore, as well as other Asian markets.
In lead managing or arranging loan syndications, equity or debt market issues, both banks will also, where possible, invite the other to underwrite or participate in the transaction.
DBS said collaboration opportunities will also be explored in asset management and private banking. For example, ABC will study the possibility of working with DBS to develop new products and funds, targeting both onshore and offshore investors. - CNA /ls
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