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Shanghai Pudong Development Bank, a China partner of Citigroup, said on Saturday that it had signed a memorandum of understanding to form a strategic alliance with Shandong International Trust Corp.

The two companies will tie up in ways including equity investment in each other, designing products and serving clients, Pudong Bank said in a brief statement without elaborating.

Shandong Trust, based in the eastern coastal province of Shandong, had total assets of 21.1 billion yuan ($3.02 billion) at the end of June 2007, according to its website.

On Friday, Pudong Bank said it had signed a similar memorandum of understanding with Shandong's Laiwu City Commercial Bank.