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Baosteel, BOC sign cash management contract
By Richard Fu |
December 21, 2012, Friday
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Online Edition
Online Edition
BAOSTEEL Group and Bank of China signed a strategic cooperation agreement today under which the lender will provide cash management services for the steel mill in overseas markets.
The partnership will help Baosteel better manage its foreign exchange, tap international money markets and enhance risk control as the Shanghai-based company has been pursuing a "go out" strategy in recent years, Baosteel said in an email to the media.
Bank of China was the sole underwriter of Baosteel's 2.9 billion yuan (US$465 million) dim sum bond sale in Hong Kong in February.
The partnership will help Baosteel better manage its foreign exchange, tap international money markets and enhance risk control as the Shanghai-based company has been pursuing a "go out" strategy in recent years, Baosteel said in an email to the media.
Bank of China was the sole underwriter of Baosteel's 2.9 billion yuan (US$465 million) dim sum bond sale in Hong Kong in February.
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