SEB last week extended its current banking relationship with the Industrial and Commercial Bank of China, ICBC, to include an agreement that will strongly contribute to SEB Shanghai's funding in the local Chinese currency.
Marcus Wallenberg, chairman of the board at SEB, hosted and welcomed the delegation from ICBC on 22 October for final discussions about the new agreement. SEB has had a correspondent banking relationship with ICBC for many years.
At the meeting, Wallenberg pointed out the importance of this strategic partnership which takes the current relationship to a new level and opens up for several opportunities to deepen the business relationship between the two parties further.
With better access to funding under the new agreement with ICBC, SEB can expand its business in China, by extending more credit to corporate customers who are active there for example.
ICBC is presently the largest bank in the world in terms of assets and also the most profitable. It has more than 16,000 domestic branches in China and a representation across the world. International presence is mainly in Asia Pacific, but ICBC also has three European branches in Frankfurt, London and Luxembourg. ICBC has over 200 million clients in China