SL, ICBC broaden cooperation

British insurer Standard Life (SL) and Industrial and Commercial Bank of China (ICBC) 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 the Chinese mainland, Hong Kong and the UK," they said in a statement.

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

"The businesses will work together to focus on developing broader cooperation 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.