ICBC Becomes A Strategic Partner of IATA

Recently, ICBC signed a strategic partnership agreement with International Air Transport Association (IATA and formally became a partner bank of this organization.

After becoming a partner bank of IATA, ICBC will actively and deeply participate in various activities organized by this association in airport development, industrial taxation, passenger and airport service, revenue accounting and many other fields, timely command the development trend of aviation industry, and expand the influence of ICBC on the international air transport market under the platform of IATA.

In 2001, ICBC obtained the qualification of IATA's sole BSP clearing bank in mainland China by competitive tender, and hereon all proceeds of IATA from airline tickets sold in China have been cleared through ICBC. From 2001 till now, relying on its advanced cash management system, ICBC not only satisfactorily finishes the settlement business of various ticket proceeds, but also successfully helps IATA shorten the period of settlement.

IATA is a large non governmental organization established by airline companies in many countries of the world in 1945, with its head office in Montreal, Canada and executive head office in Geneva, Switzerland. At present, IATA has over 280 member airlines, distributed over 180 countries. In the regular international air transport business, the member airlines account for 98%. IATA strengthens the cooperation between air transport related industries and advances the development of industry by developing strategic partners.