POWERCHINA and ICBC sign overseas financial service cooperation agreement

POWERCHINA and ICBC signed an overseas financial service cooperation agreement in Beijing on Oct 24, with Sun Hongshui, general manager of POWERCHINA and Zhang Hongli, vice president of ICBC attending the signing ceremony.

Leaders from POWERCHINA International Group Ltd., POWERCHINA Resources Ltd., ICBC headquarter and ICBC branch in Beijing were also present at the event.

Both parties held friendly talks before the signing ceremony, with Sun introducing POWERCHINA's "three-step strategy" and expressing his thanks for ICBC's years' of financial support.

Sun also expressed his wish that ICBC continues to strengthen its cooperation in traditional business and at the same time advance the cooperation in new business including import and export credits, project financing and accounts receivable factoring.

Overseas financial service cooperation will further promote the development of the overseas business of POWERCHINA and bring win-win results to the bank and the company, Sun said.

Zhang followed by introducing ICBC's overseas distribution and development and affirming that the company would offer stronger financial support to POWERCHINA with the Go Global strategy and Belt and Road Initiative, providing advantages in overseas institutions, product development, information systems, and credit granting.

Both parties agreed that they would deepen cooperation on global business based on the principle of "mutual benefit and win-win results". This would improve China's overall competitiveness through the cooperation of enterprise and bank and promote effective export of capacity, funding, technology and standard, facilitating the implementation of Belt and Road Initiative, Zhang said.

POWERCHINA International Group Ltd. and POWERCHINA Resources Ltd. both signed the cooperation agreement with ICBC. This shows ICBC's recognition of POWERCHINA's overseas financing capacity and demonstrates a good opportunity for POWERCHINA to further develop overseas financing.

POWERCHINA and ICBC sign an agreement on overseas financial service cooperation on Oct 24. [Photo provided to chinadaily.com.cn]