CGGC signs strategic cooperation agreement with Shanghai Pudong Development Bank

Updated: 2010-08-29

On the afternoon of Aug 26, CGGC signed strategic cooperation agreement with Shanghai Pudong Development Bank (SPD Bank) in Shanghai.

SPD Bank is a stock commercial bank established on Aug 28, 1992 under the approval of the People’s Bank of China and officially inaugurated on Jan 9, 1993. The Bank now has over 30 branches and sub-branches and 500 outlets in China. The Bank actively probes into and promotes financial reform and renovation, and plays a far-reaching role in Chinese national economy development and social progress.

CGGC and SPD Bank started cooperation in 2005 and in recent years both parties have upgraded cooperation areas and levels, laying a solid foundation for the strategic partnership. According to the agreement, SPD Bank will grant CGGC a credit line of 10 billion yuan ($1.65 billion), and support the latter in terms of financial renovation including bond financing, green-credit policy and private-raised medium-term notes.