Agricultural Bank of China got a boost ahead of its upcoming IPO by establishing a strategic partnership with Standard Chartered, the emerging markets specialist.
The alliance will take advantage of the growing intra-Asia and Asia-Africa trade corridors and focus on retail and wholesale banking opportunities in China and abroad. In particular, it will enable Chinese businesses to access international capital markets. The UK bank is also rumoured to be investing $500 million in Agricultural Bank of China’s IPO, which is expected to raise as much as $23 billion.
The partnership will give Standard Chartered much-needed scale in China, where it lags behind...
