Cross-border loan
Print Edition
BANCO Santander, the largest bank in eurozone by market capitalization, and its Chinese strategic partner Bank of Shanghai have provided a cross-border loan to a company in the Shanghai pilot free trade zone.
The loan in the amount of 440 million yuan (US$71 million) is the two lenders’ first cross-border loan involving an entity incorporated in the Shanghai FTZ, according to a statement last week.
The Spain-based Santander and the Bank of Shanghai became strategic partners in December 2013.
“The collaboration between various departments in both banks was key to win the deal and achieve it on time,” Santander said in the statement.
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