Beijing: State-owned Bank of China reaffirmed its strategic partnership with Royal Bank of Scotland on Monday following the British government s bailout of the ailing lender.

"We will maintain strategic partner relations with RBS and jointly push forward the development of this strategic partnership," the Bank of China said in a statement posted on its Web site.

A consortium led by Royal Bank of Scotland paid US$3.1 billion for a 9.6 per cent strategic stake in the Chinese bank in January 2006. Cooperation between the banks includes issuance of credit cards and a private banking service for wealthy clients.

Royal Bank of Scotland is one of three big British lenders being bailed out under a plan that will leave taxpayers owning as much as a 47 per cent share.

Flush with deposits and tightly regulated, China s banks have proved largely resilient amid the global financial meltdown.
Source : PTI