| Author | Message | | Athena | | Posted: Mon Jun 22, 2009 4:24 am Post subject: Bank of China to expand services in Latin America |
| Bank of China to expand services in Latin America
Jun. 22, 2009 (China Knowledge) - Bank of China (BOC)<601988><3988>, the largest foreign exchange lender in China, on Friday said that it has signed a memorandum of all-round cooperation with the Inter-American Development Bank (IDB) to expand its services in Latin America.
Pursuant to the memorandum, the two lenders will strengthen their cooperation in infrastructure and high-tech projects in Latin America.
The two banks will also offer financial services to private business and will help crisis-hit industries including transportation, telecommunications, and energy.
In addition, the two lenders agreed to increase funding for trade finance.
Last September, BOC and IDB inked a trade finance facilitation agreement under which the two banks have cooperated in deals worth US$5.13 million. The cooperation has greatly boosted China's exports to Latin America.
In 2008, the bilateral trade between Latin America and China, its largest trading partner, hit a record high of US$143.3 billion, up 40% from a year earlier.
BOC earlier reported a lower-than-expected net profit of RMB 18.57 billion (US$2.72 billion) for the first quarter of this year, down 14.41% from a year earlier, due to lower fees and the effect of declining imports and exports, according to an earlier report from China Knowledge | |  | | | ©2002-2009 WarWithoutEnd.co.uk | 
