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Two of China's top four banks have reached a major agreement which will result in them  cooperating in a range of services. The China Development Bank (CDB) and the China Construction Bank (CCB) announced their agreement in a news release Tuesday.

Two of China's 'Big Four' banks, the CDB and the CCB, have said they are to share services and cooperate in a number of areas including syndicated loans, asset management, funds settlement, asset securities, joint bank cards, service for small and medium-sized enterprises and property financing.

The two pledge to "actively seek out mutually-beneficial cooperation and use of each other's advantages."

CDB, in tandem with two other policy banks which provide government-ordered financing for agriculture and foreign trade, was set up in 1994, devoting itself to loan support for the nation's infrastructure and high-tech industries.

CDB's financing projects are usually larger and more comprehensive than those covered by commercial banks. The bank has been planning to gain a foothold in the commercial banking business in recent years and expanding its role as an instrument of State policies.

Chen Yuan, governor of the bank, was quoted by a Chinese newspaper as saying last week that "We are now more than just a policy bank," although he added that they would, "continue infrastructure lending and address challenges such as infrastructure and the environment."

CDB reported a net profit of 22.8 billion yuan (US$2.8 billion) in 2005, a record high, and an increase of 31 percent from a year earlier.

The bank's total assets reached 1.9 trillion yuan and total lending grew to 1.7 trillion yuan by the end of last year, when the non-performing loan ratio stood at a mere 0.87 percent, earlier figures show.

CCB said it took the lead among commercial banks to team up with CDB in 1994 and has since maintained sound relations with it in bonds related business including investment, borrowing and  buy-back. There was also agent business on loans and funds settlement.

(Xinhua News Agency March 30, 2006)