Three Asian Banks Sign Historic Agreement

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Three Asian banks sign historic agreement

By David Ibison in Tokyo and John Burton in Seoul


A trio of leading banks from Japan, China and South Korea have taken the initial steps towards integration after signing the first ever memorandum of understanding between financial institutions from the rival economies.

SMFG, Japan's second-largest bank, said on Monday it had signed an agreement with Bank of China, the country's leading bank, and Korea Exchange Bank, South Korea's fifth-biggest lender, to seek joint business opportunities.

The agreement is non-binding, tentative in its scope and involves no joint investments, but has symbolic importance as the first time that lenders from the three countries have been able to overcome protectionist tendencies and formalise a joint-venture relationship....MORE >>

http://www.nytimes.com/financialtimes/business/FT1059479092508.html