BEIJING, May 17: China Construction Bank has signed an agreement with fellow state-owned banking giant Agricultural Bank of China to collaborate to fend off foreign competition, the official Financial News reported on Friday.

The agreement covered “overall” business cooperation as well as specific areas, including cash management and deposits, the newspaper said without elaborating.

The pact was a useful trial by state-owned commercial banks to cope with fierce competition following entry into the World Trade Organization, it said.

Chinese banks have been forging a slew of tie-ups in recent months in a bid to fend off heightened foreign competition following China’s WTO accession last December.—Reuters