Commencement of Collection Services in China(1/1)
Sumitomo Mitsui Banking Corporation
of Collection Services in China
March 30, 2010 --- Sumitomo Mitsui Banking
Corporation (SMBC, President: Masayuki Oku) announced today that Sumitomo Mitsui Banking Corporation China
Limited (President: Kazunori Okuyama), a wholly owned subsidiary of SMBC, and Industrial and Commercial Bank of China (ICBC, Chairman &
Executive Director: Jiang Jianqing)
launch a collection services
business in China
(gthe serviceh). Under the
collaboration from April 1st, Japanese companies without an account with ICBC can use ICBCfs vast network of branches in China to collect accounts receivable from their customers.
that do business in Mainland China
in RMB will be able to improve the efficiency of their accounts receivable collection and management.
Companies in leasing, installment
auto-related businesses, in particular, are expected to use the service. A number of Japanese companies that sells
construction equipment in China
have already decided
to use the service.
local banks in China will be asked
to join the collaboration in the future to enhance services.
Profile of Industrial and Commercial Bank of China (ICBC)
Head Office: Beijing
Number of networks: 16,232 (including Head Office, branches
Total assets: RMB117,850.53 hundred million*
Capital radio: 12.36% *
Listed: Shanghai &
*31st Dec, 2009