Varga signs strategic agreement with world's largest bank

Hungary is tightening its financial ties with the Industrial and Commercial Bank of China (ICBC), the largest bank in the world by total assets, Finance Minister Mihaly Varga said on Wednesday after signing a strategic cooperation agreement with the bank's managing director. The bilateral memorandum of understanding is important for strengthening Hungarian-Chinese financial ties and aims to develop strategic cooperation based on mutual interests in the long term, a statement by the ministry said. The document states that the ICBC is ready to actively cooperate in renminbi bond issues and support cross-border renminbi business relations, payment transactions and the financing of infrastructure projects.