Volkswagen and the Industrial & Commercial Bank of China (ICBC) have signed a Memorandum of Understanding (MOU) in Beijing, forming a long-term global strategic partnership between the two companies. The MOU was signed in the presence of Li Keqiang, Premier of the People's Republic of China, and Dr. Angela Merkel, Chancellor of the Federal Republic of Germany. Under the terms of the MOU, ICBC will provide Volkswagen with fully comprehensive commercial banking services and facilities, both within China and across the world.

"As we forge ahead with our efficiency drive to streamline and strengthen business, Volkswagen looks forward to building a close and mutually beneficial relationship with ICBC. We believe this cooperation not only benefits our two organisations internationally, but will also be of value to our customers, suppliers, dealers and wider society in general," said Matthias Mueller, chairman of the board of management of Volkswagen.

According to the MOU, ICBC will offer a global credit programme and full commercial, banking, trading and finance services that will enable Volkswagen to run operations smoothly and efficiently, from manufacturing through to supply chain management and the provision of financial services to customers.

Jiang Jianqing, the chairman of the Industrial and Commercial Bank of China, said, "We are happy to be partnering with Volkswagen and are putting a global team in place to provide full support, so as to aid the further development of their business. By working with Volkswagen on a global scale, ICBC is underlining its capabilities as a leading provider of all financial services."

"In terms of business for China, this agreement will allow seamless operations in running our business and will permit swift reactions to changing market circumstances," said Dr. Jochem Heizmann, member of the board of management of Volkswagen as well as president and CEO of Volkswagen Group China. "We will work closely with our counterparts at ICBC to enhance our business growth within the country."