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)
