ICBC International Holdings, the overseas investment platform of the Industrial and Commercial Bank of China (ICBC), has joined forces with financial service provider China Renaissance Group (CR Group) to offer financial services across mainland China, Hong Kong and the US.
Under the partnership, the two parties will exchange strategic insights and resources with each other.
The companies said that CR Group will leverage ICBC International's capital base and credit support, while ICBC International will make use of CR Group's experience in offering financial services to new economy enterprises.
The partnership will also allow the two entities to launch a special fund that will focus on corporate finance, asset management, capital markets as well as wealth management.
Commenting on the alliance, CR Group chairman and CEO Fan Bao said: "Through this strategic partnership, which covers key areas including cross-border transactions, asset management and other investment services, CR Group will enhance our ability to provide credit and capital support to our client base in Hong Kong and international markets.
“It also helps us strengthen our collaboration with other Chinese and international financial institutions, which is a critical strategic pillar in our goal to provide truly global services to our clients."
ICBC International chairman Lin Cong added: “This framework agreement with CR Group elevates our relationship to a strategic level as we will enhance our cooperation in the areas of corporate finance, capital markets and wealth management. We will be sharing resources including our brand, client base, capital and sales network, and look forward to further developing a successful partnership with CR Group."