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Everbright Bank Signs Agreement with China's Largest Policy Bank
The Everbright Bank of China (EBC) signed an agreement for agent business with the State Development Bank (SDB), the biggest policy bank in China, Friday.
The agreement signals that the EBC, a joint-stock commercial bank, will handle more government policy funds, said Zhao Baofu, an EBC official.
The EBC had allocated about 12.7 billion yuan of the funds from the SDB, and the cooperation will become wider with the agreement, Zhao added.
The SDB source noted that the two sides will also work together in handling non-performing assets, monitoring the use of loans, and collecting loans.
The SDB, founded in 1994, is in charge of financing for major government projects, such as infrastructure construction, and loans about 170 billion yuan annually.
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