ABC attends Sibos 2017 in Toronto, Canada
On October 16, Agricultural Bank of China Limited (ABC) attended the SIBOS 2017 International Banking Operations Conference in Toronto, Canada. During the exhibition, ABC organized a series of events including the "Belt and Road Cooperation" signing ceremony and the symposium themed "Investing in China and Working Together for Win-win Outcomes". Guo Ningning, Vice President of ABC, attended the event and delivered the keynote address.
Guo Ningning said China has conducted in-depth exchanges and partnerships with several countries and regions along the "Belt and Road" in which fruitful results have been achieved. Areas of collaboration have included infrastructure construction, economy and trade, financing and capital circulation, and culture and information sharing. The signing of agreements with UniCredit, Commonwealth Bank of Australia, and First Abu Dhabi Bank was a key measure initiated by ABC to execute the "going global" strategy and the "Belt and Road Initiative", and expressed the bank's willingness, confidence, and determination to work with foreign banks to cooperate under the "Belt and Road Initiative".
Guo Ningning, Vice President of ABC, being interviewed by SWIFT on topics such as ABC’s participation in RMB internationalization and the creation of the "Belt and Road Initiative"
Guo Ningning pointed out that as a large state-owned bank with a broad network of institutions, financial strength, professional service teams, and diversified financial products, services and platforms, ABC has always served the country's "going global" strategy and the "Belt and Road Initiative". During the conference, ABC launched a series of publicity events themed "Investing in China and Working Together for Win-Win Outcomes". This put on display China's economic achievements and financial reform and opening up, thus boosting intergovernmental cooperation and encouraging Chinese corporations to "go global".
In recent years, ABC has steadily improved the structure of its overseas institutions and actively promoted the international financial service system in order to provide effective financial support for RMB internationalization and the "Belt and Road Initiative".
A broad network of institutions and top-ranked financial services.
ABC has established 19 overseas institutions and one joint-venture bank in 16 countries and regions around the world. It has formed relationships with nearly 1,500 banks in 135 countries and regions, encompassing 90% of the countries along the "Belt and Road". It has also set up a global 24/7 nonstop cross-border RMB clearing network, with Beijing, Hong Kong and Dubai acting as the main supports. This network provides clients with settlement services in 128 currencies and handles 3 million transactions a day with a STP (Straight Through Processing) rate of 99.9%. ABC has maintained its leading position in financing, bond investment and underwriting, capital trading, and product innovation. Its domestic FX spot market and underwritten treasury bonds rank No. 1 in the market.
Active participation in market construction and financial innovation promoting RMB internationalization.
ABC actively participates in the construction of RMB infrastructure. It was in the first batch of CIPS direct clearing banks designated by the People's Bank of China to provide cross-border RMB clearing services to more than 180 banks. In 2016, ABC's Dubai Branch was officially named the UAE's RMB clearing bank. Furthermore, ABC was one of the first designated cross-border RMB settlement banks for Shanghai-Shenzhen-Hong Kong Stock Connect, in the first of the settlement banks and self-employed members of the Gold Exchange International Board, a clearing member of commodity financial derivatives in Shanghai Clearing House, and the "International Board" depository bank of crude oil futures. In 2017, it became one of the first quotation agencies and underwriters of "Bond Connect". ABC has issued its first offshore RMB bonds in many markets, including the Green RMB Bond in the United Kingdom, and was awarded the "Best Global Offshore RMB Bond Issuer" by The Asian Banker. It has actively pursued the development of financial services by launching new businesses initiatives such as cross-border direct loans, financing and leasing, two-way fund pools, bond investment, and funds. A number of these products have been deemed model examples of financial innovation in the FTA. ABC has set up a regional cross-border business center for ASEAN, South Asia, Central Asia and Mongolia, and rolled out direct transactions in eight currencies with countries along the "Belt and Road". By the end of 2016, ABC Group had handled a cross-border RMB business of over RMB 7 trillion and currency transactions of over RMB 30 billion with neighboring countries.
ABC's Business Model and Competitive Advantages Bolster the "Belt and Road Initiative".
In recent years, ABC has provided for its clients cross-border syndication, cross-border investment, mergers and acquisitions, offshore bonds, global cash management, and other new financial services combining financing and intelligence. These services are delivered through the integrated operating platforms of banks, investment banks, leasing, insurance and securities and integrated domestic and overseas service systems. In the past three years, USD 110 billion of "going global" business has been transacted, covering 45 countries and regions along the "Belt and Road". At the same time, ABC gives full play to its comparative features and advantages. It focuses on serving agriculture's "going global" strategy, increasing international capacity cooperation and infrastructure interconnection, and supporting the construction of global industrial chains and trade networks for agriculture-related enterprises. It also provides total financial support for intergovernmental connectivity and international capacity cooperation projects. In 2017, ABC was awarded "Best Chinese Bank for BRI: Middle East and Africa" by Asia Money at the New Silk Road Finance Awards.
In the future, ABC will continue to actively participate in RMB internationalization. It will focus on expanding its service network and institutions in countries and regions along the "Belt and Road", intensifying cross-border RMB services and building financial support for the "Belt and Road Initiative". Finally, ABC will provide high-level financial services for the internationalization and global operations of Chinese corporations.