HONG KONG (Reuters) – Swiss banking group UBS said on Tuesday it had signed a memorandum of understanding with the world’s largest lender by assets, Industrial and Commercial Bank of China (ICBC), 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 deal includes product development and distribution, client coverage, global market trading, investment and financing, research, asset custody and exchange of expertise.
UBS acquired its smaller cross-town rival Credit Suisse in June, through which it now holds a 20% stake in ICBC Credit Suisse Asset Management Company, a fund joint venture previously partially owned by Credit Suisse.
(Reporting by Selena Li; Editing by Kevin Liffey)
