Swiss banking group UBS said on Tuesday it had signed a memorandum of understanding with the world's largest lender by assets, Industrial and Commercial Bank of China (ICBC) , to explore strategic collaborations in China and overseas markets.
The banks will explore cooperation in asset management, wealth management, and investment and corporate banking, according to a UBS statement.
The deal includes product development and distribution, client coverage, global market trading, investment and financing, research, asset custody and exchange of expertise.
UBS acquired its smaller cross-town rival Credit Suisse in June, through which it now holds a 20% stake in ICBC Credit Suisse Asset Management Company, a fund joint venture previously partially owned by Credit Suisse.
(Reporting by Selena Li; Editing by Kevin Liffey)