Agricultural Bank of China on Thursday partnered with Standard Chartered (STAN.LSE, 2888.HK) to explore joint business opportunities, state media reported. The two companies signed a strategic alliance with the Asia-focused British firm as it prepared for the roadshow of the Shanghai portion of its anticipated US$21 billion IPO. The agreement may pave the way for Standard Chartered’s role as a cornerstone investor in the Hong Kong portion of ABC’s dual listing, buying up to one billion H shares. As the only remaining unlisted state-run commercial lender – and the third-largest lender by asset value – ABC presently only has one strategic investor in its planned mid-July IPO. The National Social Security Fund plans to purchase a 3.7% stake in ABC for more than US$2 billion.
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