Bank of China and China State Construction Engineering Corporation (CSCEC) signed an RMB 80 billion strategic cooperation agreement recently in Beijing. Bank of China Chairman Xiao Gang and CSCEC Chairman Yi Jun attended the signing ceremony.
The bilateral agreement includes strategic cooperation in comprehensive credit extension, cash management, investment banking, insurance, RMB and foreign currency denominated asset value preservation and individual financial services. As the first bank to carry out cooperation with CSCEC, Bank of China has maintained a good relationship with the latter during the 30 years of cooperation. The strategic agreement has opened a brand new page and is very important in promoting a deeper and more thorough cooperation between banks and businesses.
As China's biggest enterprise group in the business of construction and real estate development, biggest contractor in building construction and the world's biggest housing construction business, CSCEC has become the largest transnational construction corporation in developing countries and regions, ranking the 187th in the Fortune Global 500 in 2010.
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