(Yicai Global) Jan. 16 -- Shanghai Pudong Development Bank and British Standard Chartered will join hands under the auspices of the Belt and Road cross-border investment initiative.
The pair signed a cooperation memorandum regarding the B&R initiative yesterday, regional news outlet Hebei News reported. The B&R is President Xi Jinping's massive plan of linking China with tens of former Silk Road countries by pipelines, railways and maritime routes.
The pair expects to capture business opportunities along the B&R and strengthen cross-border links, while assisting overseas firms to better explore the Chinese market. The two lenders will deepen collaboration particularly in Asia, the Middle East and Africa, while catering to the development needs of their clients, the statement added.
Signing the memorandum reflects a long-term close partnership between the two banks, said Simon Cooper, the chief executive of Standard Chartered's corporate and institutional banking division.
Standard Chartered is the first foreign bank to lend support to the B&R, as it will offer financing worth no less than USD20 billion for projects along the B&R before the end of 2020, the London-headquartered institution said in December 2017.
SPDB also plans to support the B&R till 2020. The bank has set up 41 core branches and nearly 1,700 business outlets at home and abroad.
Editor: Emmi Laine