2023-09-26 08:06:23
Swiss banking group UBS announced on Tuesday that it has signed a memorandum of understanding with Industrial and Commercial Bank of China (ICBC), the world’s largest lender by assets, to explore strategic collaborations in China and overseas markets.
The banks will explore cooperation in asset management, wealth management and investment and corporate banking, according to a UBS statement.
The agreement covers product development and distribution, customer coverage, trading in global markets, investment and financing, research, asset custody and exchange of expertise.
In June, UBS bought Credit Suisse, its smaller rival in the city, and now owns a 20% stake in ICBC Credit Suisse Asset Management Company, a joint fund venture previously partly owned by Credit Suisse.
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