World Gold Council and ICBC Enter Into Strategic Partnership to Promote China's Gold MarketBy World Gold Council, PRNE
Wednesday, March 31, 2010
BEIJING, April 1, 2010 - World Gold Council ("WGC") and Industrial and Commercial Bank
of China ("ICBC") have signed a memorandum of understanding (MOU) for
strategic cooperation within China's gold market. This agreement will enhance
the exchange of market information between WGC and ICBC to promote domestic
demand for gold, encourage investment into China's gold market, as well as
jointly develop and market new gold investment products within the country.
Under the terms of the MOU, WGC and ICBC will share their
resources and international gold market data to provide personnel training,
research, and product development, as well as trade analysis. ICBC will also
offer integrated services in gold investment and trading through its
investment channels and client resources.
Both parties will explore and jointly develop new gold
investment products tailored to the Chinese market, and conduct surveys and
studies on the domestic retail gold investment market, facilitating financial
innovation and product diversity. In addition, WGC and ICBC Precious Metals
Business Department(s) will set up an ICBC/WGC Gold Business Strategy Board
to discuss and plan strategies for their cooperation, as well as an Action
Team to oversee the implementation of the decisions and initiatives adopted
by the Strategic Group.
Aram Shishmanian, CEO of World Gold Council, commented at the
MOU signing ceremony in Beijing:
"WGC will continue to develop strategic partnerships in China,
in order to provide a stable and sustainable service to Chinese gold
investors, and therefore help them achieve wealth preservation."
ICBC is the largest commercial bank in China and also the
largest bank by market value and the most profitable commercial bank in the
world. By the end of 2009, ICBC had 16,224 offices both in China and abroad,
offering a wide range of quality financial products and services to 212
million individual customers and 3.63 million corporate clients around the
world. WGC is the gold industry's key market development body and, as such,
works with multiple partners and to promote the use of gold in all its forms.
As a leading country in gold production and gold consumption, China is one of
the most important strategic markets for WGC. The alliance between two major
players, WGC and ICBC, will not only enable ICBC to better integrate in the
domestic and foreign precious metals market but also stimulate the
development of the gold market in China.
World Gold Council
World Gold Council's mission is to stimulate and sustain the
demand for gold and to create enduring value for its stakeholders. It is
funded by the world's leading gold mining companies. For further information,
Precious Metals Business Department of ICBC
The Precious Metals Business Department of ICBC, China's first
specialized institution operating precious metals, was established in
Shanghai on September 9, 2009 to cater to the need of development of precious
metals market in China. Its purpose is to enable ICBC to more effectively
integrate in the domestic and foreign precious metals markets, accelerate
financial innovation and enhance the bank's capacity to develop
internationally and in a comprehensive manner.
For further Information, please contact:
Clare Allison, Capital MS&L, + 44(0)207-307-5342, or
For further Information, please contact: Clare Allison, Capital MS&L, + 44(0)207-307-5342, or
clare.allison at capitalmsl.com
Tags: April 1, Beijing, China, World Gold Council