WOLFSBURG/BEIJING – Volkswagen AG and the Industrial & Commercial Bank of China Limited (ICBC) signed a Memorandum of Understanding (MOU) in Beijing on October 29, forming a long-term global strategic partnership between the two companies.
Under the terms of the MOU, ICBC will provide Volkswagen AG with fully comprehensive commercial banking services and facilities, both within China and across the world.
“As we forge ahead with our efficiency drive to streamline and strengthen business, Volkswagen looks forward to building a close and mutually beneficial relationship with ICBC,” said Matthias Mueller, chairman of the Board of Management of Volkswagen Aktiengesellschaft. “We believe this cooperation not only benefits our two organizations internationally, but will also be of value to our customers, suppliers, dealers and wider society in general.”
According to the MOU, ICBC will offer a global credit program and full commercial, banking, trading and finance services that will enable Volkswagen to run operations smoothly and efficiently, from manufacturing through to supply chain management and the provision of financial services to customers.
“We are happy to be partnering with Volkswagen and are putting a global team in place to provide full support, so as to aid the further development of their business,” Jiang Jianqing, chairman of ICBC, said.
“In terms of business for China, this agreement will allow seamless operations in running our business and will permit swift reactions to changing market circumstances,” said Prof. Dr. Jochem Heizmann, Member of the Board of Management of Volkswagen Aktiengesellschaft as well as President and CEO of Volkswagen Group China. “We will work closely with our counterparts at ICBC to enhance our business growth within the country.”
The MOU was signed in the presence of Chinese Premier Li Keqiang and Dr. Angela Merkel, Chancellor of the Federal Republic of Germany.