On November 29, Bank of China signed a memorandum of understanding on strategic cooperation with Deutsche Borse Group (DBAG). The two sides would forge a preferred partnership to jointly advance the development of offshore RMB operations in Germany.
As a world leading securities service provider, DBAG has 21 branches worldwide, with its operations covering the whole securities value chain including transaction, clearing, settlement and securities custody. Under the memorandum, BOC will corporatewith DBAG in a wide range of fields such as clearing members’ business, RMB payment and settlement processes, RMB-denominated product R&D and establishment of the regular exchange and training system. Bank of China Frankfurt Branch will further explore participation in multiple markets under DBAG to facilitate partners in China and other Asian markets with DBAG's markets and products.
The memorandum's signing marks a new beginning of all-around cooperation between BOC and DBAG. BOC will continue giving play to its advantages of internationalization, diversification and grouping to deepen the cooperation with DBAG and provide quality and efficient integrated financial services to customers worldwide.
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