Agricultural Bank joins hands with China Electronics Cooperation
( 2001-06-18 22:48 ) (8 )

The Agricultural Bank of China (ABC) signed an overall cooperation agreement with the China Electronics Corporation (CBC) Monday.

According to the agreement, they will consider each other as important cooperation partners in developing services.

The ABC will use national network and advanced management methods to provide comprehensive financial services to the CBC, including clearance, loans, foreign currency settlement and letters of credit.

"In the next five years, ABC will provide a total of eight billion yuan in credit loans to CBC and its branches, aiding CBC to build a capital electronic settlement network," said Shang Fulin, director of ABC.

Meanwhile, CBC will fasten the pace of constructing a financial service system, with the focus on software and integrated circuits.

"ABC will deal with all our financial services within three years," said Wang Jincheng, general manager of CBC.

Experts said that the cooperation will bring more opportunities for the two sides, promoting a win-win result for banks and companies.