Recently, Bank of China and Taiwan Cooperative Bank signed an agreement on the syndicated loan project which was jointly prepared and organized by the two parties to provide USD30 million working capital for Jiangsu Aide Solar Energy Technology Co., Ltd. This is the first syndicated loan project collaboratively organized by the financial institutions from China's mainland and Taiwan.
Since the Cross-strait Financial Cooperation Agreement was signed in 2009, cross-strait financial institutions have been actively exploring the ways for cooperation. Now, this project is a good example demonstrating the in-depth financial cooperation between both straits, thus it draws the attention from both cross-strait financial institutions and Taiwan-based enterprises with the presence in China's mainland.
In recent years, relying on its professional platform and global network, Bank of China has been a leader in the domestic syndicated loan market with regard to the standardization and product innovation. According to statistics from Basis Point, an authoritative magazine in the syndicate business,it consecutively ranked first as a leader in the syndicate market in China's mainland and the Asia-pacific region from 2009 to 2010. In addition, the bank has won a serial of awards in the syndicate business, including the syndicated loan and leveraged finance prize awarded by Euro Week Asia, the best prize in trade by Trade Finance, as well as in syndicated loan management ,in development and in trade by China Banking Association.
Being a financial institution with the largest number of local business outlets, Taiwan Cooperative Bank, in terms of the total assets, ranks second in the region. It is one of the first four Taiwan-based banks approved to open branches in China's mainland, with the first in Suzhou. At the end of 2010, Bank of China was the first to sign a comprehensive cooperation agreement with Taiwan Cooperative Bank, aiming to improve the all-round cooperation in corporate finance, trade settlement, capital business and talents interaction.
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