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Bank starts new page with newspaper deal

By Liu Yiyu (China Daily)
Updated: 2009-09-26 09:39

Bank of China Ltd, the world's third-largest bank by market capitalization, signed an agreement with China Daily on Friday to strengthen cooperation in the fields of brand building, overseas development and financial services.

Zhu Ling (fourth left, back row), editor-in-chief of China Daily, and Xiao Gang (fifth left, back row), chairman of the Bank of China, watch as China Daily Deputy Editor-in-Chief Kang Bing and Bank of China Vice-President Zhu Min sign an agreement that will strengthen cooperation in the fields of brand building, overseas development and financial services. [Agencies]

According to the agreement, Bank of China will provide financial services and distribution platforms to its strategic partner while China Daily will offer branding and promotional services, via its global networks, to facilitate the banking giant's overseas development and expansion.

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"By providing all-round financial services, Bank of China will help China Daily go global and convey China's voices and images," said Xiao Gang, chairman of Bank of China.

"China Daily, with global networks, has always been an important platform for Chinese enterprises to 'go out' and be heard abroad," said Zhu Ling, editor-in-chief of China Daily.

Bank of China Ltd has promoted China's culture industry by initiating strategic cooperation with media and other cultural enterprises.

The state-owned bank has outlined its strategy to help develop China's fledgling culture market, largely by providing financing channels to cultural enterprises. By diversifying its customer base, the bank is also spreading its risk, the bank's spokesman added.

Bank of China has already signed cooperation pacts with the Ministry of Culture and the General Administration of Press and Publication and provided a consultancy service in financing, investment and company listings for media organizations.

The bank has also established a culture industry research team to develop specific financial tools and services for its customers in that industry, the bank's spokesman said.

The culture industry has become a new growth area for China's banks and other banks. China Development Bank and the Agricultural Bank of China have also initiated similar businesses for China's cultural enterprises.