Money

ABC, Sinofert to boost co-op in agro-related business

(Xinhua)
Updated: 2010-05-22 11:41

BEIJING - The Agricultural Bank of China (ABC), the country's largest rural lender, and Sinofert Holdings Ltd signed a strategic cooperation agreement here Friday to boost collaboration in agro-related businesses.

ABC and Sinofert, China's largest fertilizer company, agreed to jointly launch the Farmer's Benefit Kins Cards. The program will combine the functions of loans, funds remittance, fee payment and agro-related subsidy payments.

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ABC and Sinofert also vowed to further their cooperation in loans to rural households and the sales of machines and tools for agricultural use.

According to the agreement, ABC will rely on Sinofert's distribution network to promote purchases and sales of agricultural goods and materials via its Internet banking and telephone banking.

Meanwhile, ABC will provide loans to qualified rural clients of Sinofert at Sinofert's recommendation, to support agricultural production and farmers' commercial businesses.

ABC, the last unlisted major Chinese lender, has filed applications with Hong Kong's stock exchange and Shanghai's securities regulators to list.

Reports said the bank plans to raise about $20 billion to $30 billion through a dual listing, possibly the world's largest.