The Industrial and Commercial Bank of China (ICBC) and UBS signed a memorandum of understanding to discuss collaboration in Chinese and overseas markets, according to a «Reuters» report Tuesday.

The two firms are exploring product development and distribution, client coverage, global market trading, investment and financing, research, and asset custody, along with the exchange of knowledge, according to the report.

A Valuable Brand

For the seventh consecutive year, the state-owned Industrial and Commercial Bank of China (ICBC) is the world's leading banking brand with a value of $69.5 billion. That's more than three times the combined brand values of UBS at $9.8 billion, Credit Suisse's $5.6 billion, and the Julius Baer brand valued at $1.7 billion, according to a report earlier this year in «The Banker», as reported by finews.com.

Credit Suisse Legacy 

When UBS formally acquired Credit Suisse in June, it inherited a 20 percent stake in ICBC Credit Suisse Asset Management Company, which was a joint venture owned in part by Credit Suisse, the report added.