Bank of China and Commercial Aircraft Corporation of China, Ltd. (COMAC) recently signed an RMB50 billion Strategic Cooperation Framework Agreement in Beijing.
The agreement, involving credit extension financing, aircraft leasing, cash management, financial advisor, debt and annuity, makes the scope of mutual cooperation even broader. Bank of China will provide COMAC with high-quality comprehensive financial services so as to help expand the international market for Chinese large passenger aircrafts and propel the development of the national industry by taking advantage of its own diversified international business platforms, particularly the professionalism and experience of BOC Aviation.
Founded on March 13, 2008, COMAC is jointly invested by the State-owned Assets Supervision and Administration Commission, Shanghai Guosheng Group Co., Ltd., Aviation Industry Corporation of China, Aluminum Corporation of China and Sinochem Group Corporation with a registered capital of RMB19 billion. Besides the function as the main body for the implementation of national large airplane projects, COMAC plays a major role in the planning of co-development of mainline and regional airplanes as well as the industrialization of Chinese civil aircraft manufacturing.
As one of the oldest banks and the most globalized and diversified commercial bank in China, Bank of China owns an extensive service network in Hong Kong, Macau, Taiwan and 31 foreign countries. The nearly one century's development has made it a large transnational bank group providing customers with diversified services with the total assets of over RMB 10 trillion, profit over RMB 100 billion and more than 1,000 overseas branches. The business of Bank of China covers commercial banking, investment banking, direct investment, insurance, fund management and aircraft leasing.
|
