WGC Signs Agreement to Develop China Market
Source: International Mining (4/2/10)
"China is one of the most important strategic markets for WGC."
Under the terms of the MOU, WGC and ICBC will share resources and international gold market data to provide personnel training, research, and product development, as well as trade analysis. ICBC will also offer integrated services in gold investment and trading through its investment channels and client resources.
"WGC will continue to develop strategic partnerships in China, in order to provide a stable and sustainable service to Chinese gold investors, and therefore help them achieve wealth preservation," said WGC CEO, Aram Shishmanian.
ICBC is the largest commercial bank in China and also one of the largest banks by market value and the most profitable commercial bank in the world. By the end of 2009, ICBC had 16,224 offices both in China and abroad, offering a wide range of quality financial products and services to 212 million individual customers and 3.63 million corporate clients around the world. WGC is the gold industry's key market development body and, as such, works with multiple partners to promote the use of gold in all its forms. As a leading country in gold production and consumption, China is one of the most important strategic markets for WGC. The alliance between two major players, WGC and ICBC, will not only enable ICBC to better integrate in the domestic and foreign precious metals market but also stimulate the development of the gold market in China.