Swiss banking giant and China’s biggest lender, the Industrial and Commercial Bank of China (ICBC) are discussing a potential collaboration for banking, wealth and asset management services in China and overseas.
A memorandum of understanding signed by the two firms has a “comprehensive and diversified scope” according to a UBS statement.
It would cover product development and distribution, client coverage, trading, investment and financing, research and asset custody.
The partnership would see two of the largest institutions combing forces. UBS has seen its assets grow since acquiring fellow Swiss bank Credit Suisse earlier this year while ICBC is considered to be the world’s largest bank by assets with more than US$5.7 trillion.
Credit Suisse also has a 20% stake in a joint venture it established with ICBC in 2005, the ICBC Credit Suisse Asset Management Company.
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