Banking News
- AgBank hires QDII custodian
Date: 15-Feb-2007 Sources: (Shenzhen Daily)
AGRICULTURAL Bank of China (AgBank), the weakest of the big four State lenders, said yesterday it had hired ABN AMRO-Mellon as its global custodian bank to help it invest abroad.
ABN AMRO-Mellon, a 50/50 joint venture between Dutch bank ABN AMRO NV and U.S. firm Mellon Financial Corp., will provide accounting and investment advisory services to help AgBank manage assets under the Qualified Domestic Institutional Investor (QDII) scheme, it said in an emailed statement. AgBank received the banking regulator's approval to invest its clients' money overseas under the QDII scheme at the beginning of this year.
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