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HSBC helps out with credit facility

HSBC said yesterday that its Chinese mainland subsidiary has signed a deal to offer Shanghai Electric Group Co Ltd a global credit line of US$250 million to help the manufacturing giant ride out of the financial crisis.

The pact will enable Shanghai Electric and its group members to leverage HSBC's international network and resources to facilitate its growth in overseas markets.

The agreement, signed with HSBC Bank (China) Co on Friday, includes spot and forward foreign exchange deals, working capital, import and export services.

The two parties will also explore opportunities to cooperate in global cash management, project and export financing, payments and collections, financial advisory and insurance services.

"We are pleased to reach this agreement with HSBC and this partnership demonstrates the strength of both parties," said Xu Jianguo, chairman of the board of Shanghai Electric. "It will also help enhance our risk management in our overseas expansion."

Vincent Cheng, chairman of HSBC Asia-Pacific, said tie-ups among industry leaders can help generate more business opportunities in the current weak market situation.

Shanghai Electric is China's major mechanical and electrical equipment manufacturer and has big plans to expand overseas into markets such as South America.

The company has already entered markets in India, Pakistan, Indonesia, and Kazakhstan.


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