ICBC Branch to Grant Loans to Sony SubsidiariesThe Shanghai branch of the Industrial and Commercial Bank of China (ICBC) has provided a credit line of 900 million yuan (about 108 million U.S. dollars) to Sony Corp's seven subsidiaries in China.The branch signed an agreement with Sony Thursday in Shanghai. The credit line will meet the growing demands of the companies for working capital. The branch said it will provide convenient and speedy services to the companies. The head office of Sony Corp has provided a letter of undertaking for the credit line, and said it will work with ICBC to ensure that the loans to the Sony subsidiaries are properly used. This is the first case of cooperation between ICBC's Shanghai branch and the headquarters of a multinational, bank sources said. |
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