(Yicai Global) Aug. 22 -- Bank of Ningbo Co. [SHE:002142], a city-level commercial bank headquartered in eastern Zhejiang province, and Singapore's oldest bank, Oversea-Chinese Banking Corp. [SGX:O39], have entered into a ten-year strategic cooperation agreement to mark the pair's second accord since the latter bought into the Chinese lender in 2006.

OCBC will provide Bank of Ningbo with technical and business support in areas such as risk management, internal auditing, capital operations, human resources, credit cards and information technology, online news outlet Chinanews.com reported.

Both parties will also work together in areas such as private banking, wealth management, investment banking and fund management, the agreement says.

In 2006, the Singaporean lender bought a 12.2% stake in Bank of Ningbo to become a strategic investor. As of June 30, 2017, OCBC holds an 18.58% stake in the Chinese bank and is its second-largest shareholder. The pair have also set a fund management company together.

OCBC is the largest financial institution in Singapore and Malaysia and also one of the leading financial groups in Asia with assets of SGD183 billion (USD134 billion).