China Construction Bank and China State Shipbuilding Corporation entered into a ‘strategic cooperation agreement’ on May 2nd, under which the bank will offer comprehensive restructuring and financial support to the state-owned shipbuilder.
According to the agreement, China Construction Bank will provide a credit facility of 60 billion yuan (approx $9.8 Bln) to CSSC.
At this point, China Shipbuilding Group Corporation has established strategic partnerships with five major state-owned commercial banks (Industrial and Commercial Bank, Agricultural Bank of China, Bank of China, China Construction Bank and Bank of Communications) receiving the total of RMB 260 billion in credit facilities.
[mappress] Shipbuilding Tribune Staff, May 9, 2013