Hungary signs strategic coop agreement with ICBC

Int’l Relations

Mirko Kuzmanovic / Shutterstock.com

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.

Industrial and Commercial Bank of China (ICBC) headquarters in the Bund, central Shanghai, China. (Photo: Mirko Kuzmanovic / Shutterstock.com)

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.

ADVERTISEMENT

Czech economic confidence weakens in September Analysis

Czech economic confidence weakens in September

Parl't extends pandemic legal provisions Parliament

Parl't extends pandemic legal provisions

Energy Efficiency: End-users, Energy Traders and Other Stake... Inside View

Energy Efficiency: End-users, Energy Traders and Other Stake...

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.