Standard Chartered and Fosun International Sign a Memorandum of Understanding for Strategic Cooperation

Rhea-AI Summary

Fosun International (FOSUY) and Standard Chartered China signed a memorandum of understanding for strategic cooperation during the Seventh China International Import Expo. The agreement aims to expand their global market cooperation, particularly in 'Belt and Road' markets. Standard Chartered will provide comprehensive financial services, including cash management, trade financing, and sustainable financial solutions to support Fosun's global operations. This marks their third strategic cooperation memorandum since their initial partnership in 2007. Fosun International maintains operations in over 35 countries, serving both family and corporate customers through its global business presence.

Positive

• Expanded access to comprehensive financial services through Standard Chartered's global network
• Strategic partnership with a major international bank strengthening global operations
• Enhanced financial support for international expansion and Belt and Road initiatives

Negative

• None.

HONG KONG, Nov. 6, 2024 /PRNewswire/ -- On November 6, 2024, during the Seventh China International Import Expo ("CIIE"), Standard Chartered Bank (China) Limited Co. ("Standard Chartered China") and Fosun International Limited ("Fosun International") signed a memorandum of understanding for strategic cooperation ("MOU") to further deepen the bank-enterprise cooperation based on the existing cooperation and to expand the depth and breadth of cooperation in the global market, especially in the "Belt and Road" market.

Under the witness of Mary Huen, CEO, Hong Kong and Greater China & North Asia of Standard Chartered, and Wang Qunbin, Co-Chairman of Fosun International, Wesley Yang, Deputy CEO and Head of Financial Markets, Standard Chartered Bank China, and Zhang Houlin, Senior Vice President and Co-Chief Financial Officer of Fosun International, signed the MOU on behalf of both parties.

Under the strategic cooperation agreement, Standard Chartered China will coordinate global resources to actively support Fosun International's domestic and overseas development needs, and design corresponding comprehensive financial services solutions. At the same time, Standard Chartered will leverage its international network advantage to provide comprehensive cash management, trade financing, and sustainable financial services for Fosun International's global operations.

"We are very pleased to continue to deepen our cooperation with Fosun International", said Wesley Yang, Deputy CEO and Head of Financial Markets, Standard Chartered Bank China, "In recent years, Fosun International's profound global operation capabilities have continued to improve, becoming one of the model companies for Chinese enterprises to operate globally. We look forward to continuing to upgrade our bank-enterprise cooperation with Fosun International, playing a unique role as 'super connector' by supporting Fosun International to achieve high-quality global business development."

Zhang Houlin, Senior Vice President and Co-Chief Financial Officer of Fosun International, said: "We are very pleased to further deepen our long-term strategic partnership with Standard Chartered. The cooperation between Standard Chartered and Fosun began in 2007, and this is the third time that Standard Chartered and Fosun have signed a strategic cooperation memorandum, reflecting Standard Chartered's long-term support for Fosun. Through this cooperation, Fosun can leverage Standard Chartered's network and resources to continuously support and help Fosun and its various industry groups in achieving healthy growth globally, deepening our globalization and innovation capabilities."

This year marks Standard Chartered's seventh consecutive participation in CIIE. With the new theme of "Connectivity knows no border. Set sail for a new journey", Standard Chartered demonstrates its positioning as a "super connector" in cross-border finance and its full range of services, bringing a series of innovative solutions to connect global markets, including customised service cases for different trade corridors, cross-border RMB solutions covering 34 global markets, and green and sustainable financial solutions, etc.

This year also marks the seventh consecutive year that Fosun, together with its subsidiary Fosun Pharma, is participating in CIIE under the theme of "Arriving on Schedule, Sharing Global Opportunities", with a series of innovative products and themed activities being showcased at CIIE. Rooted in China, Fosun International has been developing globally and has long adhered to the two core growth drivers of "Globalization" and "Innovation", establishing a global business presence in more than 35 countries and regions around the world. Fosun is committed to providing a happiness ecosystem and high quality products and services to one billion global family customers and corporate customers, with extensive cooperation with Standard Chartered in multiple markets around the world.

View original content:https://www.prnewswire.com/news-releases/standard-chartered-and-fosun-international-sign-a-memorandum-of-understanding-for-strategic-cooperation-302297412.html

SOURCE Fosun

FAQ

What is the purpose of the 2024 MOU between Fosun International (FOSUY) and Standard Chartered?

The MOU aims to deepen bank-enterprise cooperation and expand global market collaboration, particularly in Belt and Road markets, with Standard Chartered providing comprehensive financial services to support Fosun's global operations.

When did Fosun International (FOSUY) first begin its partnership with Standard Chartered?

The cooperation between Fosun International and Standard Chartered began in 2007, with this being their third strategic cooperation memorandum.

What financial services will Standard Chartered provide to Fosun International (FOSUY)?

Standard Chartered will provide comprehensive cash management, trade financing, and sustainable financial services for Fosun International's global operations.