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ICBC Undertakes Transfer Loan Business for Japanese Bank
The Industrial and Commercial Bank of China (ICBC) announced Monday, December 11, that it has been designated by the Ministry of Finance as the bank to undertake the execution and management of transfer loans for the Japan Bank for International Cooperation.
A spokesman for the ICBC said that the bank has already begun to handle the transfer loan businesses for Duojia Co. Ltd. of Hubei Province, Hainan Offshore Petrochemical Industrial Co. and Hainan Optical Fibre Co. Ltd., with an aggregate loan of over 360 million U.S. dollars.
He said that as the host bank for transfer loans, the ICBC will be in charge of appraisals of transfer loan projects, working out financing plans, coordinating with related import and export companies, handling related accounting affairs, as well as tracking management on borrowers and projects.
At the same time, the ICBC will design measures and plans to prevent risks in technology and market and exchange rate under the foreign exchange transfer loan account, so as to set a solid foundation for the smooth proceeding of these projects.
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