By Zhang Ran (China Daily)
Updated: 2007-07-24 10:19

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The offering of a 5 percent stake to CDB greatly strengthens links between Barclays and CDB, transforming their "strong longstanding relationship" into a "strategic partnership", noted Bob Diamond, president of Barclays.

Based on yesterday's agreement and a memorandum of understanding, Barclays will assist and advise CDB in its evolution into a commercially-operated financial institution.

CDB will also use Barclays Global Investors, a Barclays subsidiary in investment management, as one of its preferred asset mangers.

The link with CDB will in turn provide Barclays with improved access to the Chinese market.

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