Volkswagen AG and leading Chinese bank Industrial & Commercial Bank of China Limited (ICBC) have signed a memorandum of understanding (MoU) in Beijing setting out a long-term strategic partnership. In the presence of Chinese Premier Li Keqiang and German Chancellor Dr. Angela Merkel,
The aim of the agreement is to strengthen Volkswagen AG’s hold in China, and having a financial partner for banking services (among many others) is a good move to make in a foreign market. ICBC will in turn receive global business through Volkswagen AG’s partnership, allowing them to expand beyond the Chinese market.
