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ABC offers credit to Shanghai farming
By Maggie Zhang |
December 26, 2009, Saturday
|
Print Edition
Print Edition
THE Agricultural Bank of China yesterday sealed an agreement to offer at least 10 billion yuan (US$1.46 billion) in credit to facilitate the development of Shanghai's agricultural companies and infrastructure development in its rural areas over three years.
The Shanghai branch of the bank signed the strategic cooperation memorandum with the Shanghai Agriculture Commission, which is responsible for the agriculture industry in the city.
"The alliance with the Agricultural Bank will help speed up the agricultural industry in Shanghai and facilitate a more balanced development between the rural and urban areas," Hu Yanzhao, Shanghai's vice mayor, said yesterday.
Last week, the city government also signed a deal with China Development Bank to secure a 50-billion-yuan credit by 2015 to develop its rural districts.
ABC, one of the country's big four state-owned lenders, inked a deal with the Shanghai government in April to offer a credit of at least 150 billion yuan to the city in five years.
It is the biggest bank involved in providing credit to farmers in China. The Beijing-based bank has 450,000 employees and a network of 24,400 outlets, half of which are located in rural areas. The bank had total assets of 7.01 trillion yuan by the 2008 and an annual profit of 51.4 billion yuan.
The Shanghai branch of the bank signed the strategic cooperation memorandum with the Shanghai Agriculture Commission, which is responsible for the agriculture industry in the city.
"The alliance with the Agricultural Bank will help speed up the agricultural industry in Shanghai and facilitate a more balanced development between the rural and urban areas," Hu Yanzhao, Shanghai's vice mayor, said yesterday.
Last week, the city government also signed a deal with China Development Bank to secure a 50-billion-yuan credit by 2015 to develop its rural districts.
ABC, one of the country's big four state-owned lenders, inked a deal with the Shanghai government in April to offer a credit of at least 150 billion yuan to the city in five years.
It is the biggest bank involved in providing credit to farmers in China. The Beijing-based bank has 450,000 employees and a network of 24,400 outlets, half of which are located in rural areas. The bank had total assets of 7.01 trillion yuan by the 2008 and an annual profit of 51.4 billion yuan.
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