Hungary has entered into a strategic cooperation agreement with the Industrial and Commercial Bank of China (ICBC), the agreement was signed by Finance Minister Mihály Varga and ICBC vice-chairman, executive director and president Gu Shu, the Finance Ministry told state news wire MTI on Wednesday.
Varga said the agreement was an important step towards strengthening Hungarian-Chinese financial ties.
The agreement states that ICBC is willing to actively cooperate with Hungary on issuing renminbi bonds and is supporting cross-border renminbi transactions and the financing of Hungarian infrastructure projects.
ICBC is the worldʼs largest bank by total assets, it has 426 offices in 47 countries. The bank is present in 15 European countries and is considering opening a regional office in Budapest.