Tokyo: The Sumitomo Mitsui Banking Corporation has signed a strategic alliance agreement with the Industrial and Commercial Bank of China on shipping finance in an effort to expand the business globally, reports Kyodo News. Under the agreement, SMBC, the core-banking unit of Sumitomo Mitsui Financial Group and the major Chinese national bank will cooperate in shipping finance as well as shipping finance advisory services, the Japanese bank said. The tie up will involve the exchange of personnel to share know-how and information in the shipping finance business and introduce potential clients.
SMBC is one of the major shipping finance providers in the world and ranked among the top 10 providers in the business in 2007 for the second straight year, according to the Japanese bank. ICBC is leading provider in the Chinese shipping finance market. [10/03/08]
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