(Yicai Global) Sept. 21 -- Industrial and Commercial Bank of China Co. [SHA:601398;HKG:1398] and Ucar Inc., a leading car rental platform in China, have entered a strategic partnership to begin an in-depth cooperation in investment banking, debt financing and bank card businesses and plan to set up an industry investment fund.

The pair signed the deal on Sept. 19, Shanghai Securities Information reported. It will enable the bank to break into the fast-growing auto industry while leveraging its strength in investment and lending. Ucar will benefit from the lender's unrivaled financial resources.

Together, they will set up a CNY10-billion (USD1.52-billion) industry fund to invest in innovative projects in the mobility and automobile sectors.

ICBC was one a major investor in Ucar's initial financing round.

The partnership marks a new milestone in Ucar's development history after receiving strategic investment from the People's Insurance Co. Group of China [HKG:1339] and China UnionPay earlier this year, said Lu Zhengyao, Ucar's chairman. It will also allow the company to improve and diversify its financial services for customers, he added.

Product and business innovation is a top priority at ICBC, said Li Feng, investment banking general manager, adding that he bank commits to supporting development of the real economy by providing user-friendly financial services. The mobility and auto industry chain have undergone rapid development in recent years, giving rise to tremendous business opportunities.