StanChart: Signed MOU With Agricultural Bank Of China On Cooperation

17th Jun 2010 06:40

BEIJING (Dow Jones)--Agricultural Bank of China Ltd. signed a memorandum of understanding on strategic cooperation with Standard Charted PLC (STAN.LN) on Thursday, StanChart said in a statement. The signing ceremony for the MOU was held ahead of a roadshow that AgBank will launch Friday for the Shanghai portion of its initial public offering that could become the world's largest by raising as much as US$28 billion. The statement didn't mention Agbank's IPO. The China Business News reported last week that StanChart was among the cornerstone investors for the Hong Kong portion of the IPO. AgBank has been talking to potential cornerstone investors, hoping their involvement would boost market confidence ahead of the IPO. AgBank wasn't immediately available for comment. Under the MOU, StanChart and AgBank will collaborate on retail and wholesale banking products and services both within China and internationally, with Hong Kong likely a pilot region for the cooperation, the statement said. The two banks have set up a joint cooperation committee "to drive the strategic direction of the partnership," which is co-chaired by StanChart Chief Executive Peter Sands and AgBank President Zhang Yun, the statement said, without giving further details. AgBank said Wednesday it will launch a roadshow for the Shanghai portion of the IPO on Friday and is aiming for an A-share listing on July 15. Dutch financial services firm Rabobank formed a strategic partnership with AgBank in early June. AgBank Executive Vice President Pan Gongsheng told Dow Jones Newswires earlier that Rabobank can buy AgBank shares when it is listed if it wants to. -Victoria Ruan contributed to this article, Dow Jones Newswires; 8610 8400 7799; [email protected] (END) Dow Jones Newswires June 17, 2010 01:40 ET (05:40 GMT)