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An all-round cooperation agreement was signed Tuesday in Shanghai between the Industrial and Commercial Bank of China (ICBC) and the Shanghai Jiaotong University, which will lead to the expansion of the campus.
According to the agreement, a credit support involving two billion yuan (about 240.96 million U.S. dollars) and 30 million U. S. dollars will be given to the school for campus construction and the development of its affiliated enterprises.
A package of "one-stop" financial services will be offered to the school which include financing, authorized procurement, financial advice, electronic banking, bank cards, individual and foreign exchange business.
Jiang Jianqing, president of the ICBC said that such a cooperation will benefit both the bank and the institution of higher learning.
On the one hand, universities can use the banking support to expand and improve. On the other, banks can better adjust their asset structures and optimize corporate investment.
Established in 1896, the Shanghai Jiaotong University is one of the oldest universities in China, while the ICBC is the largest domestic commercial bank in China which has been listed among the world's top 500 firms by Fortune magazine.
(People's Daily March 27, 2002)
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