Bank of Communications Co, Ltd (Bankcomm) announced on Wednesday it has signed a memorandum with its strategic partner, the Hong Kong and Shanghai Banking Corporation Limited (HSBC), to consolidate mutual cooperation on cross-border renminbi business.

According to the memorandum, the banks will cooperate on cross-border RMB business, including trade finance, remittance, lending, offshore investment and finance, asset custody and fund management, retail banking, cash management and capital markets business.

More efforts will be made to facilitate information exchanges between Bankcomm and HSBC to improve competence for both parties.

The strengthened cross-boarder RMB-related cooperation between Chinese and foreign banks comes in line with the accelerating internationalization of the yuan in recent years.

Bankcomm, China's fifth largest lender by market value, has also appointed Ng Siu On, a seasoned banker with international banking expertise at HSBC, as a HSBC-Bankcomm strategic cooperation consultant. He joins Bankcomm's senior management team.

The two banks also vowed to continue to collaborate closely in supporting Chinese enterprises to go global, credit cards, international trade financing, custody and fund distribution.0 HSBC owns a 19.9 percent stake in Bankcomm.