Asian tie-up for Bank of China
1 September 2003
Bank of China has signed an MOU with banks from Japan and South Korea to explore joint business opportunities. The non-binding deal with Sumitomo Mitsui Financial Group and Korea Exchange Bank is limited in scope but has significant symbolic importance as it shows a more outward- looking approach by the banks in formalising a joint venture relationship.
A spokesman for Sumitomo said the bank would work towards co-operating in trade finance, project finance and foreign exchange business - possibly including yuan loans to Japanese firms operating in China.