Business
BOC to lend 10 bln yuan to Wahaha Group
Xinhua, August 20, 2011
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The Bank of China said Friday it signed a strategic agreement with the Hangzhou Wahaha Group, the country's leading food and beverage maker, on Thursday.
The nation's third-largest lender by assets will extend 10 billion yuan (1.56 billion U.S. dollars) to Wahaha and its subordinated companies, according to the agreement.
The lender will also provide overall finance services to the group to help it explore overseas markets and diversify. The services include credit and financing, cash management, international settlements, personal finance and consultation.
Founded in 1987, Wahaha has topped the list of the country's food and beverage producers in terms of assets, output, sales, profits and taxation for 13 years.
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