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China's first joint-venture financial leasing company established
Asia Pacific News.Net
Friday 28th December, 2007 (IANS)
Beijing, Dec 28 (Xinhua) China's biggest financial leasing company, a joint venture between China Construction Bank (CCB) and Bank of America, was officially established here Friday.
CCB, one of the four big state-owned commercial banks, has 75.1 percent stake in the $616-million (4.5 billion yuan) venture, while Bank of America owns 24.9 percent.
'In addition to airplanes and ships, the new company will lease facilities for rail transport and power generation,' a CCB official said. The venture will also issue bonds and provide inter-bank loans.
Also, the Bank of Communications (BOCOM) Financial Leasing Company, with 2 billion yuan in registered capital, was set up Friday in Shanghai. That company will focus on equipment leasing (aircraft, ships and construction equipment).
The Chinese Banking Regulatory Commission lifted a decade-long ban on commercial banks investing in financial leasing companies this March.
Meanwhile, China Merchants Bank and China Minsheng Banking Corp are now preparing to set up financial leasing companies.
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