China National Petroleum Company ( CNPC ) and Industrial & Commercial Bank of China ( ICBC ) concluded a strategic cooperation agreement on April 29th, which will reinforce the cooperation among the financial institutions under them.

CNPC had exclusively subscrided the new stocks issued by  ICBC in the Karamay City with the purpose of  turning it into Kunlun Bank which will be a national as well as an international commercial bank.

The practical running headquarter of Kunlun Bank will be located in Beijing and the branch banks will be located in Beijing, Daqing, and Changqing Oilfield, the financial center of CNPC. The primary financial service at the beginning of Kunlun's development will be focused on CNPC's branch companies, related client resources, other state-owned enterprises, the employees and their families within its living quarters.

Their strategic cooperation purposes include bringing forth financial products, spreading its network services, and realizing their global business cooperation, and their cooperation will be strengthed in the lines of business such as global funding, financial bonds unwriting, fund settlement, and bank card  etc, so as to establish a full strategic cooperative partnership.

At present, ICBC has become CNPC's most important cooperative partner with the deepest and broadest scope in financial cooperation, and in the similar way, CNPC has been ICBC's most important client.  Currently, their financial cooperative services including  making collections to the doorstep for CNPC's gas stations, the domestic and foreign currency management, E-bank, financial bonds unwriting, and project funding have been developed.

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