Strategic Cooperation Agreement between CCB and BOA Initiated Officially

 

Experts from Bank of America started to work in China Construction Bank Corporation and perform the Strategic Cooperation Agreement covering all main business lines and management fields of a commercial bank.

September 28—the Strategic Cooperation Agreement between China Construction Bank Corporation (CCB) and Bank of America (BOA) was initiated officially today. Experts from BOA started to work in CCB and perform the Strategic Cooperation Agreement covering all main business lines and management fields of a commercial bank. This signifies that CCB has stepped up to become a world-class commercial bank by providing the best service to customers and maximizing shareholder value equipped with a first-class team.

On today’s welcome ceremony, Chairman of CCB Guo Shuqing said that, the staff of CCB is eager to work with experts from BOA so that the cooperation in the main business lines can be conducted extensively and intensively, the advanced management experience and skills can be learned and the capability of CCB in management and service can be improved.

Guo Shuqing also said, to choose BOA as the strategic investors is a very important strategic decision for CCB and this will surely exert an extensive and intensive impact on CCB’s development. The strategic investment & strategic cooperation agreement signed between two parties and the introduction of overseas strategic investor will absolutely take CCB and BOA towards a win-win goal. After nearly 3-month communication and sufficient exchange of views including mutual visits between senior management executives, CCB and BOA become more confident towards the future cooperation.

Vice Chairman & global corporate planning and strategy executive of BOA and appointed member of CCB Board of Directors Gregory Curl on behalf of BOA said that, hopefully, CCB can step by step improve its operation and performance through joint efforts both from CCB and BOA to become China’s best bank. Meanwhile, the implementation of Strategic Cooperation Agreement will be part of CCB’s success. And BOA hopes that two parties can maintain long-term and mutual beneficial cooperation partner relationship.

CCB is one of the largest commercial banks in China, providing a comprehensive range of commercial banking products and services primarily to domestic corporate and retail customers in China. Now CCB is engaging in the task of establishing customer-focused, market-oriented and performance-driven operation mechanism and bank culture. And BOA is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. Thus, CCB hopes that through the cooperation with BOA, CCB can improve its all kinds of products and businesses in a comprehensive manner, strengthen its sustaining and stable profitability in a practical way, and provide first-class service to customers. During the process of CCB’s shareholding restructuring program, CCB unswervingly stresses that the key reform is to improve corporate governance, enhance management level, strengthen competitiveness, and deliver an increasing value of the bank to shareholders, staff, customers as well as the society.

Reportedly, CCB’s Board of Directors and senior management attach great importance to the cooperation with BOA. To guarantee the sound advance and executing efficiency of the strategic cooperation agreement, CCB has establish a working group for this project, which is headed by President Chang Zhenming, and with Vice President Zhao Lin, Chen Zuofu and Fan Yifei as the assistance, to be responsible for all strategic cooperation work. And all related departments of these projects included in the strategic cooperation agreement have designated a general manager or a deputy general manager to be the project coordinator, who is in charge of coordination work. All business departments of CCB headquarters will pay much attention to this program and try their best to make every project achieve expected results in the following days.

CCB sincerely hopes that CCB, taking the cooperation with BOA as the starting point, will actively participate in the reform, opening up and development of China’s financial industry to become a modern commercial bank with the most value creativity in China.