DEUTSCHE BÖRSE, BANK OF CHINA TO PROMOTE RENMINBI MKT (ENGLISH)
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News Release Deutsche Boerse Group 29.11.13
Deutsche Börse Group and Bank of China announce Strategic Cooperation
Deutsche Börse Group, a leading global market infrastructure provider headquartered in the EU with global customers and operations, and Bank of China, the most internationalized and diversified Chinese bank headquartered in Beijing with comprehensive products and powerful customer networks worldwide, today announced that they have signed a memorandum of understanding regarding a strategic cooperation. Under the memorandum of understanding the two parties will enter into a preferred partnership to fully explore potential cooperation’s across the value chain in their respective geographies. As part of an on-going strategic dialogue, the intention of the parties is to provide high quality products and services in order to further develop cross border
business between China and the European Union. As part of the initiatives, the two parties intend to jointly promote the development of the offshore Renminbi market in Europe combining each other’s strengths in all possible business areas. Furthermore, Bank of China’s access to European capital markets is planned to be enhanced through the exploration of participation by its Frankfurt branch in different markets operated by Deutsche Börse Group. With this, the access to Deutsche Börse Group’s products and markets by eligible entities from China and other Asian markets would be facilitated. In order to strengthen Bank of China’s position as a service provider for European financial products, Deutsche Börse intends to treat Bank of China as a preferred education partner and both parties will seek to assist each other in investor education and business development. Bank of China Chairman Mr. Tian Guoli said, “In the light of continuous fast internationalization of the RMB, the building-up of a strategic co-operation between both parties will lead to a win-win situation."
“We are very pleased about our broad strategic partnership with Bank of China. Our agreement marks an important step towards bringing the European and Chinese market closer together. We look forward to contributing our group-wide expertise into this partnership and develop high quality services and products across the value chain in the increasingly global markets.”, said Reto Francioni CEO of Deutsche Börse AG.
About Deutsche Börse Group Deutsche Börse Group is one of the world’s leading service providers for the securities industry with a product and service offering for issuers, investors, intermediaries and data vendors. The Group covers the entire process chain from trading, through clearing, to settlement and securities custody. Furthermore, Deutsche Börse offers market data, indices and analyses and is a service provider for the development and operation of IT systems. About Bank of China As China's most international and diversified bank, Bank of China provides a comprehensive range of financial services to customers across the Chinese mainland, Hong Kong, Macau, Taiwan and 37 overseas countries. The Bank's core business is commercial banking, including corporate banking, personal banking and financial markets services. Our group’s wholly owned subsidiaries run investment banking, insurance business and undertake the direct investment and investment management business. Our controlled subsidiaries operate the fund management and aircraft leasing business. From 2011 to 2013, Bank of China became the only Global Systemically Important Financial Institution within the emerging economy countries for three consecutive years. By the end of 2012, The total assets of Bank of China reached 12,680 Billion RMB.
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