Bank of China (Hong Kong) (BOCHK) has announced that it has taken the lead in signing the strategic cooperation agreements or loan contracts with nine enterprises amounting to over 1.8 billion renminbi, riding on the establishment of new Free Trade Zones (FTZs) in Guangdong, Fujian and Tianjin.
Through close collaboration with Bank of China (BOC), it’s parent company, BOCHK has swiftly captured the business opportunities arising from the development of new FTZs.
In view of the FTZ development, BOCHK has strengthened its cooperation with key customers and provides comprehensive cross-border services, including loans and financing, settlement services and cash management, to meet the customers’ business needs, according to a statement.
“The expansion of FTZs in the Mainland of China will enhance cross-border renminbi business and transaction volumes of Hong Kong renminbi business. This will not only help facilitate the development of Hong Kong offshore RMB business, but also strengthen Hong Kong’s position as the international financial centre,” says Yue Yi, Vice Chairman and Chief Executive of BOCHK.
On 20 April, the State Council formally announced master plans for pilot FTZs in Guangdong, Fujian and Tianjin, and issued a plan for deepening reform and opening up in the Shanghai FTZ. Three new FTZs in Guangdong, Fujian and Tianjin were open today with the official launch of FTZ business.