CCB signs deal with IFC on global trade
(Xinhua)
Updated: 2006-10-13 09:46
China Construction Bank (CCB), one of China's Big Four State-owned banks,
signed in Beijing on Thursday an agreement with the International
Finance Corporation (IFC) on trade financing.
The deal marks the beginning of cooperation between CCB and IFC, a private
arm of the World Bank Group, in providing customers with a trade financing
service.
An official with the CCB said the bank would expand trade-financing business
in developing countries with credit support of the IFC in a bid to further
enhance its international competitiveness.
Over the past few years, CCB witnessed a fast growth in international
business, the official noted.
CCB worked out a three-year strategic development program for international
business after it was listed on the Hong Kong Stock Exchange in October 2005,
the first among the Big Four to go public, the official added.
The motive of IFC is to promote sustainable private sector investment in
developing countries, help reduce poverty and improve people's lives.
IFC has achieved an AAA long-term credit rating at Standard and Poor, one of
the major international credit rating agencies. Since IFC initiated its global
trade financing service in 2005, more than 60 banks worldwide have joined the
program. Enditem
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