Tue, 03/12/2013 - 06:03
Deutsche Börse Group and Bank of China have signed a memorandum of understanding regarding a strategic cooperation.
Under the memorandum of understanding the two parties will enter into a preferred partnership to fully explore potential cooperation’s across the value chain in their respective geographies.
As part of an ongoing strategic dialogue, the intention of the parties is to provide high quality products and services in order to further develop cross border business between China and the European Union.
As part of the initiatives, the two parties intend to jointly promote the development of the offshore Renminbi market in Europe combining each other’s strengths in all possible business areas.
Furthermore, Bank of China’s access to European capital markets is planned to be enhanced through the exploration of participation by its Frankfurt branch in different markets operated by Deutsche Börse Group. With this, the access to Deutsche Börse Group’s products and markets by eligible entities from China and other Asian markets would be facilitated.
In order to strengthen Bank of China’s position as a service provider for European financial products, Deutsche Börse intends to treat Bank of China as a preferred education partner and both parties will seek to assist each other in investor education and business development.
Bank of China chairman Tian Guoli says: “In the light of continuous fast internationalisation of the RMB, the building-up of a strategic co-operation between both parties will lead to a win-win situation."
“We are very pleased about our broad strategic partnership with Bank of China. Our agreement marks an important step towards bringing the European and Chinese market closer together. We look forward to contributing our group-wide expertise into this partnership and develop high quality services and products across the value chain in the increasingly global markets,” says Reto Francioni CEO of Deutsche Börse.
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