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BIZCHINA> Top Biz News
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Supplement: Bank of China honored for 'Heroic' earthquake relief
(chinadaily.com.cn)
Updated: 2009-03-03 18:33 In light of the funding demands of key customers for risk and earthquake relief, Sichuan Branch of Bank of China has intensified its communication with them and signed a multitude of post-disaster financial cooperation agreements. It even signed an agreement for post-earthquake financial cooperation of nearly 80 billion yuan with such enterprises as Dongfeng Electric Corporation, Panzhihua Iron & Steel Group, Sichuan Expressway Company Limited, Chengdu Communication Investment Group, Sichuan Airlines Group, Lafarge Cement (Rui'an) Company, and Dujiangyan Land Inventory Center. Additionally, it signed a 50 billion yuan bank-government cooperation agreement with the Chengdu Municipal People's Government on post-disaster reconstruction and domestic demand expansion. Sichuan Branch has also initiated the "homeland reconstruction" com-prehensive service campaign, mainly including such individual financial portfolio products and serious financial service measures as "asset remanagement", "retirement pack-ages" and "asset management and new planning" and signed a mortgage loan cooperative agreement of over 18 billion yuan with 20-odd noted real estate developers and auto dealers including Vanke, Greenland, China Overseas Holdings Limited, Zhixin, Blue Estate, Shenrong, and Southwest Auto Trade. The Wenchuan Earthquake has been a test of the operation and support ability of the banks, a testament to the loyal spirit and personal integrity of the bank employees, as well as an assessment of the enterprises' fulfillment of social responsibility. Bank of China has submitted a satisfying answer sheet in risk and disaster relief and won praise from people from all walks of life. The Central Committee of CPC, the State Council, and the Central Military Commission awarded an honorary title of "Heroic Collective in Earth-quake and Disaster Relief of the Country" to the Sichuan Branch, making it the only banking financial institution to win such an honor. Pressing Ahead Steadily by Seizing Opportunities After experiencing the earthquake, Sichuan’s economic development faced a difficult situation with a large margin for failure. But the main theme of Sichuan’s economic development didn't change: The 8-year Western Region Development strategy implemented by the state has laid a solid foundation for the rapid development of Sichuan’s economy in the future and the state's all-out support of the post-disaster reconstruction has given birth to a huge demand for Sichuan. The Sichuan Branch of the Bank of China seriously considered the positive factors and advantaged conditions for the post-disaster development and put forward the objective of "unswervingly sticking to key work deployment in early 2008 and sticking to the operational plan of the year" and seized "opportunity in the midst of risk and disaster", carrying out work in the troubling times of that year, with unique methods, and adopted a series of measures to meet three key goals: do well in the placement of the disaster-stricken employees, the maintenance of damaged houses and the refurbishing of damaged outlets. By late 2008, the refurbishment rate of the damaged outlets came to 91.28 percent, laying a good foundation for a normal business environment. The branch also constantly enhanced its leadership, intensified its execution and raised its overall efficiency. It intrinsically combined risk and disaster relief and business development, launched a rapid reaction mechanism for disaster relief credit, supported key enterprises in post-disaster reconstruction, and was a pillar industry in the disaster area in key infrastructure projects and the repair of public utilities. In a timely manner, it went deep down to enterprises in the disaster areas to learn the impact of the earthquake for the purpose of credit-ing businesses, and accurately counted damaged assets in relevant accounting items to make good preparation for the next disposal. All the while it kept an eye toward the future, remembering long-term interest and the demands of sustainable development while keeping the external environment and realistic foundations of the Sichuan Branch intact, formulating a five-year strategic development plan to expedite the development of the area. With its concerted and arduous efforts, all operational indicators met or exceeded the objective formulated in early 2008. As Bai Zhizhong, president of Sichuan Branch, said at the Forum on the Building of Corporate Culture held by the head office: "We made it." All employees of Sichuan Branch have already overcome their great grief and whole-heartedly devoted themselves to their work. Under the guide of the bank, they are advancing decisively and energetically on the road of reconstructing their homeland and opening a path to a better future. (For more biz stories, please visit Industries)
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