BTA Bank to Open a CNY Correspondent Account with Industrial and Commercial Bank of China, The World’s Largest Bank18.06.2012
BTA Bank JSC and Industrial and Commercial Bank of China, the world’s largest bank by asset value (ICBC), have agreed the opening of a BTA Bank correspondent account with ICBC’s subsidiary in Almaty. The Agreement was signed on June 18, 2012 in Almaty. Mr. Askhat Beisenbayev, First Deputy Chairman of the Management Board signed the agreement on behalf of BTA Bank and Mr. Chen Yubao, Chairman of the Management Board of Industrial and Commercial Bank of China in Almaty JSC, signed the agreement on behalf of ICBC.
The CNY and USD correspondent account will go a long way to assisting work with Chinese partners and thus will encourage the growth of trade between the two countries.
“From today domestic businessmen as customers of BTA Bank are able to enter into contracts and undertake transactions in our neighbour China in renminbi, the national currency of the country”, Mr. Askhat Beisenbayev said during the signing ceremony. “It is very important that our partner, Industrial and Commercial Bank of China, possesses a diversified branch network around the PRC. This will give our customers essential advantages in international business in China. Our loyal customers are well aware that BTA always strives to offer the most advantageous and convenient service conditions. Today’s agreement is clear proof of that once more.”
In his turn Mr. Zhang Chunlei, Chairman of the Board of Directors of ICBC Almaty said that ICBC regards highly its partnership with BTA Bank and welcomes new opportunities for its Kazakh business. “The purpose of our work in Kazakhstan is to strengthen trade relations and increase the economic potential of our countries through successful and mutually beneficial cooperation, Zhang Chunlei said, “entering into the Agreement today is an important event both for our banks and for everyone interested in stronger economic relationships between our countries. Closer relationships between Kazakh and Chinese businessmen will encourage the growth of production of goods and services in both our countries and bring benefit to our peoples”.
Industrial and Commercial Bank of China was established in 1984. On the basis of its 2011 performance it is the top bank by assets in China and globally (as of the end of 2011 assets amounted to USD2.5 trillion and equity to USD200bln). With over 375,000 employees, ICBC represents a fifth of the Chinese banking sector, owns over 18,000 branches in China and has 244 divisions in 34 countries including Kazakhstan (Industrial and Commercial Bank of China in Almaty JSC). Industrial and Commercial Bank of China has been operating in the Kazakh market since 1993.