CBC Signs Cooperation Agreement with Steel GroupThe Guangdong branch of the Construction Bank of China (CBC) signed Friday a cooperation agreement with a Guangzhou-based iron and steel group in south China's Guangdong province.Under the agreement, the bank will provide services to the Guangzhou Iron and Steel Group. The bank will issue 2 billion yuan (about 240 million US dollars) in loans to the group, and the group and its subsidiary companies will open accounts at the bank. The bank will also offer services to the company involving settlement, consultation and assessment and act as its agent. As one of the four groups authorized to manage State-owned assets in the provincial capital of Guangzhou, the group has a total assets of 15 billion yuan (about 1.8 billion dollars). |
| People's Daily Online --- http://www.peopledaily.com.cn/english/ |