On July 29, China Post Group Corporation Limited (hereinafter referred to as China Post) and Bank of China Limited (hereinafter referred to as BOC) signed a strategic cooperation agreement in Beijing. This marks that the two parties have established a long-term, stable, mutually complementary and win-win strategic partnership, aiming to jointly develop new business and explore new markets.

BOC Chairman Ge Haijiao stated, in recent years, BOC and China Post have continuously strengthened their cooperation in credit financing, bond investment, interbank business as well as parcel, express and logistics services. In the future, BOC will continue to deepen cross-border financial cooperation with China Post and assist it in overseas expansion and overseas warehouse construction. It will collaborate with the Postal Savings Bank of China to launch a cooperation plan for cross-border comprehensive financial services to jointly satisfy the financial needs of cross-border corporate clients. The two parties will improve comprehensive cooperation and foster more landmark achievements in areas such as aircraft leasing, insurance agency sales and debt-to-equity swaps. They will also strengthen resource sharing and mutual complementarity, develop distinctive products in social security cards, personal wealth management and bank card benefits, and jointly improve their customer service.

Chairman Liu Aili of China Post Group said, China Post boasts unique network resource endowments and is the only centrally-administered state-owned enterprise with its post offices established in all townships and postal services reaching all administrative villages in China. China Post and BOC have a solid foundation for cooperation, with their business and resources showing strong complementarity. He hopes that the two parties will deepen cooperation in key areas such as cross-border financing, aircraft procurement and leasing, e-commerce, and parcel, express and logistics services to better serve the overall economic and social development.

According to the agreement, the two parties will cooperate in financial services including corporate banking, securities, insurance and funds, as well as non-financial services such as express and logistics, billing services, brand promotion, public welfare activities and newspaper and periodical distribution. Both parties agreed to establish long-term, stable and quick cooperation and communication mechanisms to facilitate the prompt and effective implementation of cooperation matters.