News Release


Sumitomo Mitsui Banking Corporation and Bank of China Limited Execute a Memorandum of Understanding on Renminbi Business Cooperation(1/1)

November 24, 2011

 

Sumitomo Mitsui Banking Corporation

 

 

Sumitomo Mitsui Banking Corporation and Bank of China Limited

Execute a Memorandum of Understanding on Renminbi Business Cooperation

 

 

TOKYO, November 24, 2011--- Sumitomo Mitsui Banking Corporation (SMBC, President: Takeshi Kunibe) announced today that it has executed a Memorandum of Understanding (MoU) on Renminbi (RMB) business cooperation with Bank of China Limited (BOC, Chairman: XIAO Gang), one of the four major banks in China.

 

BOC, for many years, had operated as the state-designated specialist foreign exchange bank, but was transformed into a state-owned commercial bank in 1994, incorporated in 2004 and listed on the Hong Kong Stock Exchange and Shanghai Stock Exchange in 2006. BOC is the foremost in foreign exchange and international operations in China.

 

The MoU will enable SMBC to further enhance its services to meet the Renminbi-related needs of its client in and outside China, including RMB financing, RMB cross-border settlement and providing information related to RMB operations.

 

(Reference; Profile of BOC)

 

Name:                                 Bank of China Limited

Establishment:                     1912

Head Office:               Beijing

(Address: No.1 Fuxingmen Neidajie, Beijing, China )

Chairman:                   XIAO Gang (Legal Representative and Chairman)

Total Assets:                        RMB 114,835.@billion (as of June 30, 2011, Consolidated)

Stock Listed:               Hong Kong and Shanghai

 




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