On November 18, Signing Ceremony for Strategic Cooperation between IB and Qingdao Municipal People's Government cum Opening Ceremony for IB Asset Custody(Qingdao) Center was held in Qingdao. According to the agreement, IB will provide diversified financing for industrial transformation and upgrade and construction of major projects of Qingdao, invested no less than RMB 50 billion totally in 5 years, and set up Asset Custody (Qingdao) Center in Qingdao.
Both sides will make full use of their respective advantages, and their cooperation will focus on new urbanization, new industrialization, agricultural modernization and other key areas of development in Qingdao. IB will mainly support urban development, sponge city, expressway to airport, rail transportation, education and health fund, PPP Earmarked Fund and other construction of major projects concerning people's livelihood and public utilities in Qingdao, provide all-round financial support for garbage disposal, comprehensive treatment of water environment in Qingdao, and boost the construction of livable, beautiful and ecological Qingdao.
In addition, IB will also take full advantage of geographical advantage, industrial advantage and policy advantage of Qingdao Pilot Zone for Comprehensive Reform of Wealth Management and Finance, and set up Asset Custody (Qingdao) Center in Qingdao which is responsible for marketing expansion and customer relationship maintenance of wealth management products nationwide as well as operation of custody products. The amount of custody is expected to reach RMB 1 trillion.
In recent years, IB’s asset custody business has developed rapidly, covering a wide range of sections including trust, securities, funds, insurance, private funds and cross-border products, and has served more than 800 clients. As of the end of June, the number of IB’s custody products had reached more than 20 thousand, ranking first in the industry; the scale of custody has exceeded RMB 8 trillion, ranking fifth in the industry. It was repeatedly granted “Best Custodian Bank” by authoritative media in China”.
IB said, as one of the commercial banks with the most financial licenses in China, the bank will give full play to its advantages as a comprehensive financial group, integrate multiple market resources, employ diversified financial instruments, fully meet needs of funds of major projects including construction of strategic infrastructure projects, industrial transformation and upgrade projects, innovative industrial projects, provide more personalized and innovative financial services in accordance with specific needs, so as to promote economic development in Qingdao.