ABN AMRO Mellon Global Securities Services has been appointed by Agricultural Bank of China (ABC) to provide global custody and securities lending services for its international assets and to handle overseas accounting and investment mandate reporting to qualified domestic institutional investors in China.
ABC is the second largest commercial bank in China. ABN AMRO Bank, ABN AMRO Mellon’s co-parent, is one of the longest established foreign banks in China and has maintained a long standing relationship with ABC.
Chinese law dictates that all offshore investments be routed via local Chinese banks, and accordingly in 2006 ABC and ABN AMRO Mellon partnered in a joint bid for a multi-million custody RFP from one of the largest local insurance companies in China.
“ABN AMRO and ABC have established long-lasting, good cooperation on international banking,” says Li Ruishan, the Deputy General Manager of Agricultural Bank of China’s International Department. “Based on joint franchises of ABN AMRO Mellon and ABC, the new cooperation on global custody and securities lending will bring to ABC a wider platform for better services for our clients.”
“We are delighted to have been appointed by Agricultural Bank of China, and look forward to further building upon our relationship over the coming months,” adds Nadine Chakar, the CEO at ABN AMRO Mellon. “Working with ABC augurs well for ABN AMRO Mellon’s foray into China and extends our reach to the huge pool of Chinese institutional clients looking to invest overseas.”