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NewsNovember 24 2010

Standard Chartered and AgBank boost strategic co-operation

One of China's largest banks, Agricultural Bank of China (AgBank), and UK-based bank Standard Chartered have strengthened ties with a joint venture aimed at deepening strategic co-operation.
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Standard Chartered and AgBank boost strategic co-operationAgBank governor Zhang Yun and Jaspal Singh Bindra, group executive director of Standard Chartered, shake hands at an earlier co-operation announcement in June

The move follows Standard Chartered's cornerstone investment of $500m in AgBank's record-breaking initial public offering in Hong Kong earlier this year.

The joint venture focuses on several key areas, according to a statement by AgBank. Under the tie-up, the two banks will collaborate to give support to China's fast-growing small and medium-sized businesses, and AgBank will give priority to Standard Chartered for its trade and cash management businesses. The two banks will also form a partnership for cross-border business.

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