2 Apr 2010 10:17

ICBC signs agreement with World Gold Council

Shanghai. April 2. INTERFAX-CHINA - The Industrial and Commercial Bank of China (ICBC) has entered into an agreement with the World Gold Council (WGC) to work together in developing new gold investment products and the promotion of gold investments in China, state media reported on April 1.

According to a Shanghai Securities News report, the two parties will cooperate on various fronts, including product and market research. They have agreed to share market information as well as analysis and research reports, while ICBC will use its network of contacts and customer base as a resource to aid the development of trade and investment in gold.

Additionally, ICBC's precious metals department plans to establish special departments with the WGC to facilitate the cooperation.

Ian Telfer, chairman of the WGC, said in the report that cooperation between the two parties would help diversify the range of gold investment products available on the Chinese market.

ICBC established its precious metals department in September 2009, and was the first Chinese commercial bank to establish a department to handle business related to precious metals.