The Standard Bank Group, parent company of Stanbic Bank Ghana, and the Industrial and Commercial Bank of China Limited (ICBC), have signed two agreements which will provide a framework for cooperation in trade and the settlement of netting of precious metals transactions.

The agreements also cover other transactions such as Trade Finance, international payment and RMB settlement.

A statement signed and copied to the Ghana News Agency by Mr Bennet Frimpong, Marketing and Public Relations Officer of the Bank, said the first agreement provided a framework for cooperation in trade and settlement.

It noted that the second was a memorandum of understanding relating to settlement netting of precious metals transactions.

The two agreements were signed between Mr Craig Bond, China Chief Executive of Standard Bank Group and ICBC’s Senior Vice President Mr Yi Huiman.

Signing on behalf of Standard Bank, Mr Craig Bond said: “We are thrilled to be further expanding and strengthening our relationship with ICBC to bring a growing range of sophisticated and tailored banking solutions to support China’s economic and financial growth.

“We see significant growth opportunities in the trade and cash management sector, as well as for substantial cooperation in the precious metals business,” Mr Bond said.

Commenting on the agreement, Alhassan Andani, Managing Director of Stanbic Bank, Ghana underscored the relevance of such agreements as trade between China and emerging markets such as Ghana continue to grow.

He said “Our ability to sell the Chinese Yuan to the business community in Ghana is a direct benefit of such agreements.”

Mr Andani noted that given the significant growth in trade, between Ghana and China in recent times, it had become necessary to properly manage the complexities, regulations and risks associated with cross-border trading of this nature, saying they were happy to be the first bank in Ghana to provide this service.

“As a bank, we pledge our commitment to continually connect our customers to the right opportunities at the right time and in the right place to move their business forward,” he added.

He said the bank would continue to leverage its strategic partnerships within and outside the continent to bring practical banking solutions to their customers.

Since ICBC’s acquisition of a 20 per cent shareholding in Standard Bank Group in 2007, the two banks have cooperated formally on numerous transactions across multiple geographies and sectors. During this period, both banks have identified additional areas to collaborate on, over and above the areas initially identified.

“The close partnership and strong growth in the relationship between ICBC and Standard Bank has helped to better support the development of trade and investment between China and Africa, as well as China and other emerging markets,” the statement said.


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