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Bank of China Launched "Green Channel" for Quake Relief


2008-05-13

On May 13, 2008, Bank of China decided to enhance its credit support to key corporate customers in infrastructure industries such as power, transport, communications and energy, and to open the "green credit channel" in Sichuan quake-hit area for disaster relief and reconstruction. Meanwhile, the bank has required its Level-One branches and directly-controlled branches to offer fee-free "green channel" donation services.

At 14:25 on May 12, a 7.8-magnitude earthquake, unprecedented over the past 30 years, struck Wenchuan County in Sichuan Province and saddled a vast expanse of land with heavy casualties and hardship. People in over ten provinces of China could feel the tremors.

On May 13, Wang Zhaowen, spokesman of Bank of China, revealed that the Bank had established a quick response mechanism for disaster relief immediately after the earthquake, and unremittingly kept in touch with its branches in severely affected area to master the latest disaster situations and get ready for any emergencies.

Wang said, according to the latest disaster situations, the Bank would enhance its credit support to the key corporate customers in infrastructure industries, including the increase of loan amount. Moreover, the Bank has opened the highly efficient "green credit channel" for loan application, approval and disbursement so as to guarantee the credit support for disaster relief and reconstruction.

Concurrently with the self-rescue, branches in the quake-hit area have quickly contacted their local corporate customers in such industries as utilities, transport and communications so as to learn their financial demand after the disaster. By conquering numerous obstacles, Bank of China is trying its best to minimize the loss in the disaster and working closely with local people in rebuilding their hometowns.

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