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  Home Page > Corporate Banking >Institutional Banking >Inter-bank Cooperation >Correspondent Bank Business of Domestic Banks
Correspondent Bank Business of Domestic Banks
 

I. Definition of Functions
The Bank sets up correspondent bank relationship with domestic Chinese banks pursuant to the principles of equality, integrity and mutual benefit, and extends cooperation in the international and domestic business fields.
II. Product Description
The correspondent bank business between the Bank and the domestic Chinese banks mainly includes: agency business, letter of credit, guarantee, settlement and financing etc. In order to control business risk, banks that set up correspondent bank relationship with the Bank may select the business categories and define the business scale based on its credit rating and credit line.
III. Target Customers
Peer banks that have corresponding business qualifications and maintain business contacts with the Bank.
IV. Application Conditions
Peer banks that have corresponding business qualifications and maintain business contacts with the Bank may apply to establish correspondent bank relationship with the Bank.
V. Solutions
The correspondent bank relationship is officially established upon the Bank’s review and approval of the application for establishing correspondent bank relationship submitted to the Bank by the Chinese bank. Both banks will exchange SWIFT password and notify their respective branches.
VI. Characteristics and Advantages
As of the end of 2015, ICBC has established correspondent bank relationship with 208 domestic policy banks, state-owned commercial banks, postal savings bank, joint stock banks, city commercial banks, rural commercial banks, rural cooperative banks, rural credit cooperatives and township banks, and extended profound cooperation in the financing, agency, Internet Banking, foreign exchange, bank card, guarantee and asset businesses etc. ICBC has abundant experience of cooperation with peer banks.

Note: Information herein is for reference only. Refer to the announcements and regulations of local outlets for further details. Industrial and Commercial Bank of China Limited reserves the final right of interpretation.


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