Bank of China and BG Group signed a strategic cooperation memorandum in London on June 27. According to the Memorandum, Bank of China will provide a comprehensive credit worth USD 1.5 billion for BG Group, to cooperate with the latter in an extensive range of loans, international settlement, trade financing, insurance, foreign currency trading and investment banking service.
It is the first time that Bank of China signed a comprehensive strategic cooperation memorandum with a famous multinational enterprise in the overseas market, symbolizing a further progress in its overseas business.
Xiao Gang, Chairman of Bank of China, expressed at the signing ceremony that he hoped the memorandum would push the cooperation between the two parties up to a new stage. In addition, he introduced Bank of China's overseas development strategy, the advantages of its overseas institutions and the correspondent banks network, as well as its diversified services platform. He especially analyzed the great potential in the overseas Renminbi business and the competitiveness of Bank of China.
According to Knight Frank Chapman, President of the BG Group, the company plans to make a strategic investment worth USD 100 billion worldwide within the next 10 years while focusing on the emerging market led by China. By signing the Memorandum, BG Group not only received the capital to support its worldwide investment plan, but also won a strategic banking partner to implement its global development strategy.
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