An RMB 5 billion strategic cooperation agreement on supply chain finance was signed between Bank of China and Zhejiang Hengyi Group in Hangzhou on May 19. Meanwhile, Bank of China Zhejiang Branch and Hengyi reached a comprehensive strategic cooperation agreement.
The in-depth partnership between Bank of China and Hengyi has lasted for 15 years in various fields including international settlement, trade finance, credit loan, project loan, trust fund management, treasury, short-term finance underwriting, and domestic letter of guarantee for overseas loans. This agreement marks the start of strategic cooperation on supply chain finance between the bank and its customers in the petrochemical and chemical fiber industry following its pilot operation in this area initiated last year.
Established in 1994, Zhejiang Hengyi Group is the largest textile material supplier in China. Besides main business of pure terephthalic acid (PTA), polyester spinning and chemical fibre texturing, its engagement in financial investment and import and export makes itself .a large modern private enterprise with highly integrated industrial chain and complementary business lines.
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