Export bank, Italy's UniCredit sign pact to boost cooperation

Italian commercial bank UniCredit signed a memorandum of understanding with the Export-Import Bank of China on Wednesday in the hope of strengthening cooperation between Chinese, Italian and Central Eastern Europe (CEE) companies.

The MOU, which was signed in Milan, will support trade between China and UniCredit's core markets in the areas of mechanical and electronic products, high and cutting-edge technology products, energy and raw materials. With this MOU, energy and infrastructure projects will also be developed in China, Italy and CEE.

It will also facilitate cooperation regarding finance, global transaction banking, debt capital markets, global markets and financial advisory.

According to UniCredit, the MOU has built upon closer economic and trade ties between China and Europe. Data from Eurostat, or the European Statistical Office, shows that China has been the second-largest partner of the European Union in terms of exports, and has also been the largest importer of EU goods.

Founded in 1998, UniCredit provides services for up to 26 million clients in Western, Central and Eastern Europe. On top of that, it has also reached clients in another 18 countries in the world.

The Export-Import Bank of China is a State-funded and State-owned policy bank with the status of an independent legal entity. It is under the direct leadership of the State Council and dedicated to supporting China's foreign trade, investment and international economic cooperation.