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The Group and ICBC Signed the Contract of Comprehensive Cooperation in Global Cash Management Service

Chengtong president office     2011-08-03         

On August 2nd, China Chengtong Holdings Group Ltd. signed the Contract of Comprehensive Cooperation in Global Cash Management Service with Industrial and Commercial Bank of China, pushing forward a further cooperation of the two enterprises in cash management and relevant domains.

China Chengtong’s board chairman Ma Zhengwu and president of ICBC Yang Kaisheng attended the signing ceremony. China Chengtong’s president Hong Shuisheng and vice president of ICBC Luo Xi represented both sides to sign the contract.

According to the contract, both sides will carry out a comprehensive cooperation based on ICBC’s advanced cash management techniques and integrating China Chengtong’s strategic arrangement in capital management, which will help China Chengtong to enhance its efficiency in fund utilizing, reduce the cost of fund utilizing, raise fund profit, and promote business process reengineering.

The two sides made a friendly and in-depth discussion before the signing ceremony. Ma expressed the gratitude to ICBC’s president for his continuing support to the Group’s development, made an introduction of the Group’s capital management, modern logistics, commerce and trade, forest paper industry and the plans for further development, and expressed the wish to acquire further supports from ICBC in international settlement system and risk control. He also hoped that the cooperation in cash management was only a starting point and their cooperation would expand to logistic infrastructure constructions, the development of forest paper industry, and chattel mortgages.

Yang spoke highly of the development of China Chengtong in recent years, and pointed out that the mutual cooperation between both sides represented the reform and development of state-owned enterprises and state-owned commercial banks. He said that cash management was a new way of financial service as the economy developed. ICBC is competitive in this field and will provide efficient and excellent service to China Chengtong. He also said that to support and serve enterprises owned by central government was ICBC’s important responsibility and obligation. The development orientation of China Chengtong and ICBC are similar in many fields, and there are many cooperative opportunities. Yang hoped that both sides would strengthen their coordination and intensify their cooperation.

China Chengtong’s general accountant Xu Zhen, deputy general accountant Qin Ju, persons in charge in president office, Zhongchu Stock, China Paper, Chengtong Metal, China Logitics, Chengtong International, persons in charge in settlement and cash management department of head office of ICBC, 1st department of business cooperation, international business department, department of e-bank and Beijing branch attended the signing ceremony.  

 

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