China Power wins US$100 mln loan from BOC’s overseas units
China Power International Development Ltd, a Hong Kong-listed arm of state-owned China Power Investment Corp, has obtained a total credit of US$100 million from BOC Hong Kong (Holdings) Ltd and BOC’s several overseas branches, sources said.
Li Xiaolin, chairman of China Power International, said at a press briefing this round of financing, which started from late March this year, is based on the previous three large-scale financing cooperation with Bank of China (BOC) in the domestic market. A signing ceremony for the financing program is held in Hong Kong recently, said industry sources.
After three months’ negotiations with seven lenders in Hong Kong, including banks from the mainland, Hong Kong and Japan, China Power finally selected the nation’s second-largest lender as its cooperating partner, together with its branches and subsidiaries in Hong Kong, Tokyo, Bangkok, Manila and Macao, added Li.
As a commercial banking group, BOC Hong Kong offers a range of financial products and services to retail and corporate customers in the region. Earlier reports said BOC had agreed to extend a credit facility worth EUR660 million to its subsidiary BOC Hong Kong, in an effort to reinforce and enhance the latter’s capital base.
Tags: power