Yintai Group and Bank of China Zhejiang branch entered into a strategic partnership agreement on January 18, 2022, which will see the two parties cooperate comprehensively in the areas of credit extension, deposit taking, fund settlement, overseas business linkages, integrated development business, and gold, among others.
Bank of China Zhejiang branch deems Yintai Group a very important customer, and is fully committed to the development of Yintai Group. It plans to provide RMB20 billion worth of multi-product credit services to the Group and its subsidiaries, including but not limited to: short-term as well as medium- and long-term working capital loans, bank acceptance draft, overseas and domestic letter of credit, supply chain financing, bank guarantee, project financing, fixed asset loan, syndicate loan, entrust loan, domestic and cross-border M&A loan, equity financing, trade financing, gold lease, and other financing products.
The Zhejiang branch is a tier-1 branch of Bank of China. It has a global institutional network and service resources, and is a full service financial institution.Leveraging international, integrated and group business advantages, it offers a comprehensive suite of financial services that includes commercial banking, investment banking, financial market services, and insurance services.
Yintai Group is a diversified industrial development and investment group engaged in commercial retail, real estate operation and management, exploration and mining of precious metals, investment and financial services, and operating a charitable foundation, among others. It has numerous subsidiaries and holds equity stakes in many companies at home and abroad. It is now an industrial and capital driven modern conglomerate with a number of core businesses and diversified development.
At the signing ceremony, senior executives of the two parties gave a brief presentation of the development status of their respective businesses. Both parties looked forward eagerly to future collaboration during their in-depth exchange, and said that high-level meetings will be held on a regular basis so that the strategic partnership will continue to develop and intensify.