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LENDING & CREDIT | Cesar Tordesillas, China
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ABC Financial reaches agreements with partners

ABC Financial Leasing Co., Ltd. reached strategic partnership agreements in Beijing with four leading farming enterprises.

 

These include Xinjiang Production and Construction Corps State-owned Assets Management and Operation Corporation, COFCO, Bright Food Co., Ltd. and Jiangsu Agricultural Reclamation Group, as well as Farmers' Daily and International Business Daily.

ABCL is the first wholly-owned subsidiary of ABC in China, and an important comprehensive business platform for ABC's process towards an international financial enterprise with integrated urban and rural coverage.

According to the agreements, ABCL will launch financial and leasing cooperation with Xinjiang Production and Construction Corps in purchase of general-purpose aircrafts and trainers as well as agricultural product processing base; further develop new service channels for Sannong with COFCO and consolidate the mutually rewarding cooperation; provide intentional financing valued RMB one billion for Shanghai Sugar, Cigarette and Wine Group—a subsidiary of Bright Group, and Jiangsu Agricultural Reclamation Group; and build up the partnership with Farmers' Daily and New Countryside under International Business Daily with priority given to publicity and promotion of Sannong financial leasing products, and intensive communication on domestic and international financial information.

In his address, Mr. Yang Kun said that on the basis of conventional banking business, the strategic partnership between ABCL and leading enterprises and news media would make full use of the advantages of both sides and build a new platform to serve the economic and social development in both urban and rural areas. It will also provide new channels for the difficult Sannong and SME financing, bring new options for improving value-added services for high-end customers, and lead the cooperation between ABC and leading enterprises into a new chapter.

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