Banking News
- Bank of East Asia in partnership with SZ body
Date: 10-May-2007 Sources: (Shenzhen Daily)
THE Bank of East Asia signed an agreement with Shenzhen Small & Medium Enterprise Credit Guarantee Center (CGC) late last month. It is the first business cooperative agreement between an overseas bank and a mainland credit guarantee center.
The two sides have reached consensus on the recommendation of projects on loan credit guarantee, independent evaluation, and allocation of risks to tap high-quality small and medium enterprises (SMEs). The SMEs in Shenzhen will be able to get credit guarantees from local credit guarantee institutions and obtain loans from overseas banks. The Bank of East Asia was one of the first foreign banks approved to open RMB business in China. The government-funded CGC has provided over 12.5 billion yuan in loan credit guarantees to more than 3,000 SMEs.
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