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I. Definition
On the basis of equality, integrity and mutual benefit, ICBC establishes a correspondent bank relationship with other Chinese banks and cooperates with them in international and domestic business.
II. Description
Correspondent bank business transactions between ICBC and other Chinese banks mainly include agency, letter of credit, guarantee, settlement and financing. To control business risk, banks having the correspondent bank relationship with ICBC can select business varieties and determine business scale on the precondition of credit rating and extension.
III. Target Customers
The product is applicable to the banks with business qualifications and business relationship with ICBC.
IV. Qualification
The banks with business qualifications and business relationship with ICBC can apply for establishing the correspondent bank relationship with ICBC.
V. Solution
After the application of other Chinese banks for establishing the correspondent bank relationship with ICBC is approved by the latter, the relationship is officially established. And then, both parties exchange SWIFI test keys and notify their branches.
VI. Features and Advantages
By the end of 2017, ICBC has established the correspondent bank relationship with 216 financial institutions in China’s banking sector, and has conducted in-depth cooperation with them in aspects of financing, agency, Internet banking, foreign exchange, bank card, guarantee and asset. ICBC has rich experience in cooperation with peers.
Note: the information provided on the page is for reference only. Specific businesses are subject to announcements and regulations of local outlets.
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