October 22, 2014 / 8:42 AM / in 5 years

Standard Life, ICBC to broaden cooperation in China, UK, Hong Kong

Workers leave the Standard Life House in Edinburgh, Scotland February 27, 2014. REUTERS/Russell Cheyne

LONDON (Reuters) - British insurer Standard Life SL.L and Industrial and Commercial Bank of China (ICBC) (601398.SS) said on Wednesday they had agreed to look at developing savings and investment services together.

The memorandum of understanding would see them “work together to identify opportunities for the benefit of both businesses in China, Hong Kong and the UK”, they said in a statement.

ICBC already works closely with Standard Life’s joint venture in China, Heng An Standard Life, in which Standard Life has a 50 percent stake.

“The businesses will work together to focus on developing broader co-operation in the areas of savings and investment solutions. The agreement will also promote sharing of knowledge and expertise through regular senior executive interaction,” they said.

Reporting by Simon Jessop; Editing by Nishant Kumar

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