Liu Mingkang, president of the Bank of China, signed the contract with Chung Mong Koo, chairman of Hyundai.
According to the contract, the two sides will collaborate in terms of finance, staff training and communications. Hyundai designated the BOC as the major bank for its business in China, including loans, deposits, and balance and credit consumption concerning Hyundai cars.
In addition, the BOC will provide other financial services to help Hyundai import auto parts from China. The BOC branch in Seoul will also join the partnership, to deal with Hyundai's import and export businesses.
(People's Daily 07/04/2001)
