25/09/2006
NEWS STORY
 |
The forthcoming Shanghai Grand Prix will see WilliamsF1 Team sponsor, The Royal Bank of Scotland Group (RBS) joining forces with its partner, Bank of China. Bank of China and the RBS brands will both be represented on the WilliamsF1 cars for this race, demonstrating the growing strength and visibility of the partnership.
In August 2005, Bank of China signed an agreement with the Royal Bank of Scotland Group and RBS China, under which RBS China purchased a 10% stake in Bank of China for $3.048bn. Alongside the investment, Bank of China and RBS agreed to cooperate in credit cards, wealth management and insurance and have close working relationships in areas including governance, risk control and financial management. The partnership has witnessed important progress so far. The two sides have completed over $0.6 billion of corporate banking transactions together and are building a joint credit card unit. Bank of China and RBS have also committed to open two private bank branches targeted at high net worth individuals by early 2007, one in Beijing and one in Shanghai.
Wang Zhaowen, Bank of China spokesman said, "The Bank of China and RBS teams are working together very well and the relationship is moving ahead at great speed. The opportunity to partner with RBS in the dual branding of the WilliamsF1 car for Shanghai presents an excellent opportunity for Bank of China to project itself internationally. As an international bank, Bank of China's perspective has always been international and this, along with our sponsorship of the Olympics in Beijing in 2008, reinforces this commitment."
Howard Moody, RBS Group Director, Communications said, "We are extremely pleased with the progress we have made to date in our business partnerships with Bank of China. The opportunity to dual brand the WilliamsF1 cars for the Shanghai Grand Prix, further demonstrates our commitment to the partnership and its visibility within China and internationally, and we are delighted to be appearing alongside them at this prestigious event in the Formula One calendar."
The change to the car branding is one in a series of activities that RBS and the Bank of China have scheduled in the lead up to the Shanghai Grand Prix. En-route to Shanghai, Mark Webber and three times Formula 1 World Champion and RBS global ambassador Sir Jackie Stewart will both spend time in Hong Kong and Beijing to participate in a series of media and business engagements intended to raise RBS's profile in Asia.
Amongst the activities, a show car will be on display in Hong Kong airport and in the Bank of China's headquarter in Shanghai. Customers and staff will be invited to the headquarters in Shanghai to meet the Team drivers and Sir Jackie Stewart.