INTESA SANPAOLO AND AGRICULTURAL DEVELOPMENT BANK OF CHINA (ADBC) SIGN COOPERATION AGREEMENT
- The agreement will facilitate relations between Italy and China in the farming sector, also ahead of EXPO 2015
- Intesa Sanpaolo and ADBC will guarantee support for businesses looking for partners in the two countries
Beijing/Milan, 11 June 2014 – In Beijing today Intesa Sanpaolo and the Agricultural Development Bank of China (ADBC) signed a cooperation agreement at the Sino-Italian Business Forum with the goal of facilitating and supporting the growth of Italian and Chinese businesses in the farming sector.
According to this agreement - signed by Gaetano Miccichè, General Manager and Head of the Intesa Sanpaolo Corporate and Investment Banking Division, and Lin Li, Vice Chairman of ADBC - an efficient partnership between the two banks will be launched with the goal of supporting the farming industry, facilitating relations between the two countries, supporting those businesses looking for partners and establishing or strengthening commercial, distribution and investment relations.
The numerous priority action areas include farm mechanisation, organic products and food transformation.
This agreement forms part of an increasingly broad convergence of common interests between the two countries connected with EXPO 2015, which will also be an important opportunity for the two banks to work together.
“Today’s agreement - commented Gaetano Miccichè - once again confirms Intesa Sanpaolo’s commitment to supporting the development and growth of Italian businesses, particularly in China. Being able to support our businesses as they expand outside of Italy, and in particularly attractive markets like the Chinese market, shows how our Bank has been able to develop suitable services and products, its visibility and presence on the international markets, and an in-depth understanding of the economic dynamics of the current climate. We are honoured to have found, in the Agricultural Development Bank of China - concluded Miccichè - a partner with whom we are sure we will be able to foster relations between our two countries in a key area like the farming sector”.
Mr. Lin Li, vice President of ADBC said: “We are glad to sign a strategic cooperation agreement with Intesa Sanpaolo, which will further promote depth exchanges and cooperation between two parties in the fields of agricultural finance. As China’s only agricultural policy financial institution, we not only play the pivotal role in China’s agricultural economic fields, but in the future will, together with Intesa Sanpaolo actively give support to customers of both parties to develop market opportunities in China and Italy, provide better financial services to customers of both countries to strengthen bilateral trade and cooperation”.
Intesa Sanpaolo is the banking group which was formed by the merger of Banca Intesa and Sanpaolo IMI. The merger brought together two major Italian banks with shared values so as to increase their opportunities for growth, enhance service for retail customers, significantly support the development of businesses and make an important contribution to the country's growth. Intesa Sanpaolo is among the top banking groups in the euro zone, with a market capitalisation of 40.1 billion euro as at 30 May 2014.
Intesa Sanpaolo is the leader in Italy in all business areas (retail, corporate, and wealth management). The Group offers its services to 11.1 million customers through a network of approximately 4,700 branches well distributed throughout the country with market shares no lower than 13% in most Italian regions.
Intesa Sanpaolo has a selected presence in Central Eastern Europe and Middle Eastern and North African areas with over 1,400 branches and 8.4 million customers belonging to the Group's subsidiaries operating in retail and commercial banking in 12 countries. Moreover, an international network of specialists in support of corporate customers spreads across 29 countries, in particular in the Middle East and North Africa and in those areas where Italian companies are most active, such as the United States, Russia, China and India.
Established in 1994, Agricultural Development Bank of China (ADBC) is the only agricultural policy-oriented bank which is under the direct administration of the State Council in China. The mission and the objective of ADBC is to promote the development of agriculture and rural economy through following activities: to raise funds for agricultural policy business based on the state credibility in accordance with the state policies; to undertake agricultural policy credit business specified by the Central Government; and to serve as an agent for the state treasury to allocate fiscal funds for supporting agriculture. ADBC has 31 provincial-level branches, 333 prefecture-level branches and nearly 2,000 county-level sub-branches which have formed an extensive service network throughout the country. There are more than 53,000 employees working for the bank.
Last updated 11 June 2014 at 14:50