The Hong Kong-listed conglomerate said it wants to tap into StanChart's "vast network" of resources in the "Belt and Road" countries that stretch from Asia, Africa to Europe.

Chinese conglomerate Fosun, which has acquired Western wealth management firms as part of its M&A strategy in recent years, has forged a strategic pact with UK-listed Standard Chartered.

The co-operation agreement means that both sides will "work together to support the future development strategy of Fosun International and its subsidiaries".

"Through this partnership, Fosun can leverage Standard Chartered Bank's vast network and resources in the Belt and Road countries and regions to continuously support and accelerate the global growth of Fosun and its subsidiaries, particularly to strengthen our core industrial operation capabilities, pursue our technology-driven development strategy and further expand investment in innovation," Guo Guangchang, chairman of Fosun International, said.

Standard Chartered has worked with Fosun since 2007, helping the group's acquisitions on a number of fronts, for example.

"China is a strategically important priority for Standard Chartered. We firmly believe in the long-term development of China's economy and Chinese enterprises. With our unique network advantages and financial expertise, we can support the best Chinese enterprises to realise their internationalisation strategy," Simon Cooper, chief executive of the corporate, commercial and institutional banking arm of Standard Chartered, said.

Fosun's acquisition strategy involves buying Western wealth management businesses. Last March, Fosun - founded in 1992 - signed a co-operation pact with HSBC as part of its growth plans. The group, which owns companies across a number of sectors, has bought non-domestic wealth and asset management firms as part of its growth strategy. It has also purchased Hauck & Aufhäuser, the venerable German private banking and financial firm.

In 2015 Fosun launched a financial platform for its investment and asset management business in Russia and neighbouring countries. However, not all of its bids have been successful; in 2015 it pulled out of an attempt to acquire BHF Kleinwort Benson. In November 2018 Fosun concluded its purchase of a 69.14 per cent stake of Guide Investimentos from Brazil's central bank. Fosun paid R$167.9 million ($45 million) for the business, and a further R$120 million that is dependent on how well the firm performs in future.