News
ChemChina Finance Co. starts business officially
(ChemChina)
Updated: 2009-07-17 15:29
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ChemChina Finance Co., Ltd. officially started its business on July 9th with the approval of industry watchdog China Banking Regulatory Commission (CBRC).
With total registered capital of RMB632.5 million, the ChemChina Finance Company is a corporate-based non-banking financial institution jointly funded by ChemChina and its prime subsidiaries including China National BlueStar (Group) Co., Ltd., China Haohua Chemical (Group) Corporation, BlueStar New Chemical Materials Co., Ltd., ChemChina Agrochemical Corporation, ChemChina Rubber Corporation, etc. It is the first Chinese financial company to hire a foreign professional manager, Mr. Daniël de Blocq van Scheltinga, to be its CEO.
Designed to support ChemChina in achieving an internationalized business model, intensive management, an improved IT platform and enhanced financial governance, the ChemChina Finance Company is an integrated financial service platform that covers accounts settlement, financing, investment banking consulting, etc. The platform will help ChemChina improve the centralized management of capital, reduce capital utilization cost, optimize resource allocation and offer capital management and other extended financial management services to all the ChemChina subsidiaries.
The specific businesses of the Finance Company include financial and financing consulting, credit authentication, brokerage and guarantee, insurance brokerage as approved, assistance in payment settlement, bank note underwriting and discounting, intra-group account transfer and settlement, deposits, lending and financial leasing to ChemChina subsidiaries, inter-bank borrowing, etc.
