ICBC Singapore signs 10 strategic cooperation agreements for 3rd Sino-Singapore project

SINGAPORE - Industrial and Commercial Bank of China (ICBC) Singapore has entered 10 agreements to boost economic ties between Singapore and China, it said on Monday.

The bank is part of the pioneer batch of financial institutions to participate in the third government-to-government project between the two nations.

"This move establishes ICBC Singapore, China's largest listed bank by total assets and Singapore's sole yuan clearing bank, as a key Chinese banking player in the Singapore-Chongqing development roadmap," it said.

The first agreement is a memorandum of understanding with the People's Government of Chongqing and DBS Bank.

It is focused on what is called the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity.

This is the third government-to-government project between Singapore and China which will focus on modern interconnectivity and the modern service economy.

ICBC Singapore will use its financial strength and expertise to support modern connectivity and service industries and projects in Chongqing, alongside DBS Bank.

rachaelb@sph.com.sg