Industrial Bank and Kunming Fanya Metal Exchange entered into a strategic cooperation agreement in Shanghai a few days ago, becoming a settlement bank and the first strategic bank partner of the exchange. Based on the agreement, IB will provide the exchange with all-round banking services in the aspects of account opening, nationwide centralized bank-exchange transfer business, supply chain financing for the non-ferrous metal industry, and joint market promotion, etc. Investors may handle the agency account opening business and bank-exchange transfer business of Fanya Metal Exchange at all IB outlets across China.
It is reported that IB is a national joint-stock commercial bank with rich experience in settlement services for exchanges. As early as 1996, the bank offered the securities capital settlement service for the Shanghai Stock Exchange. As one of the first Chinese commercial banks offering the third-party depository business, currently IB is in cooperation with nearly 90 securities companies regarding the third-party depository business. In 2009, IB established the Futures Finance Department which is devoted to providing services for the market of bulk commodity, commodity futures and financial futures. The department has established business cooperation regarding the settlement of transaction funds and bank-exchange transfer business with a large group of bulk commodity markets such as Bohai Commodity Exchange, providing such services as conventional bank-exchange transfer and escrow-based bank-exchange transfer. In addition, IB also launched business cooperation regarding agency account opening and warehouse receipt financing registration with the bulk commodity trading markets that have good qualifications, normalized management and compliant operations. IB indicated that it will focus on the escrow of market funds and bank-exchange transfers to further the business cooperation with bulk commodity trading markets in a comprehensive way, and take great efforts to provide professional and efficient banking services to all market players.