HONG KONG, March 17, 2015 /PRNewswire/ -- March 16 saw the strategic partnership agreement between the Bank of China and Evergrande signed in the BOC Headquarters. The Bank of China has become the second bank among the four major state-owned banks to form a strategic alliance with Evergrande after the Agricultural Bank of China.
It's agreed that the Bank of China will consider Evergrande its most important bank-wide long-term partner and provide it with full support in terms of credit line, cash management, settlement service and specialized banking led by the Head Office. A credit line of RMB 30 billion has been given to Evergrande by the Bank of China.
It's understood that the Agricultural Bank of China, the Postal Savings Bank of China and the China Minsheng Bank entering into a strategic partnership agreement with Evergrande separately in February this year have offered their partner a credit line of RMB 20 billion, RMB 20 billion and RMB 30 billion respectively. Upon conclusion of this agreement with the Bank of China, Evergrande has accumulatively obtained a RMB 100 billion credit line from these four banks within two months.
Before conclusion of this agreement, an understanding on a strategic partnership had been reached in a meeting on February 3 attended by the senior management from both parties, including President Chen Siqing of the Bank of China, and Chairman Xu Jiayin of Evergrande.
With total assets of RMB 15 trillion, the Bank of China has established an extensive network composed of 11,000 branches in 37 countries, ranking seventh among the banks worldwide.
