On September 5, the China Banking Regulatory Commission gave
approval for the China Construction Bank (CCB) and the Bank of
America to establish a joint corporation covering various areas of
the financial leasing business. This is the first company of its
kind to be approved and founded by authorities to date.
The prospective financial leasing corporation will have
registered capital valued at 4.5 billion yuan with 3.3795 billion
yuan, or 75.1 percent of the total sum from the CCB and 1.1205
billion yuan or 24.9 percent from the Bank of America.
The Bank of America is the CCB's strategic partner. The latter
appreciates the wide experience that the former has in financial
leasing.
For more details, please read the full story in Chinese. (
http://www.china-cbn.com/s/n/000004/20070907/000000078076.shtml)
(China.org.cn September 7, 2007)
