Canadia Bank Plc. signed an agreement with other major financial institutions in the Association of Southeast Asian Nations (ASEAN) to boost inter-bank cooperation during the ASEAN Plus Three Summit held virtually on November 14.
The agreement which was also joined by Government-sponsored development banks of Japan, China and the Republic of Korea aims to bolster the pandemic-hit Southeast Asian economy. It is the first of its kind since the ASEAN Plus Three InterBank Cooperation Mechanism was launched in November last year, to meet growing demand for infrastructure projects in the region.
Apart from Canadia Bank Plc., ASEAN participants in the scheme include PT BankMandiri (Persero) Tbk. of Indonesia, Canadia Bank Plc. of Cambodia, DBS Bank Ltd. of Singapore, Kasikornbank Public Co. of Thailand and CIMB Group Sdn Bhd of Malaysia.
Others are BDO Unibank Inc. of the Philippines, Bank Islam Brunei Darussalam Berhad of Brunei, the Joint Stock Commercial Bank for Investment and Development of Vietnam, the Lao Development Bank of Laos and Myanmar Foreign Trade Bank of Myanmar.
According to The Japan Bank for International Cooperation (JBIC), the China Development Bank, JBIC and the Korea Development Bank aim to build close cooperative ties with their ASEAN peers to stabilise the financial system and improve liquidity in global markets.
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