Bank of China, China Shipping Pen USD 14.4 Bln Deal

Bank of China and China Shipping Group signed on Monday a global strategic cooperation agreement in Beijing worth USD 14.4 billion.

The agreement provides for cooperation in the areas of credit facilitates, cash management, direct financing, financial advisory, investment banking, insurance, the Bank said.

The agreement builds on year-long cooperation between the two parties that has seen the Bank provide loans, credit lines as well as guarantee for the bonds issued by China Shipping.

The deal comes as China endavours to boost its shipbuilding and shipping capacities so as to become more competitive on global scale.

Bank of China is the seventh largest bank in the world in the area of ship financing.

Image: Paul Wurth S.A.

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