Home / Business / News Tools: Save | Print | E-mail | Most Read | Comment
BOC lends US$99.5 mln to Huaneng Group in acquisition loans
Adjust font size:

Bank of China (BOC) has lent 680 million yuan (US$99.5 million) to China Huaneng Group (CHNG), the country's largest power producer, to help it carry out acquisitions, said the bank on Saturday.

It is BOC's first acquisition-oriented loan in the domestic market, a type of loan given to support industry leaders to purchase specific assets, said the bank.

CHNG, also the largest independent power producer in Asia, saw its installed power capacity rise 20 percent year-on-year in 2008 to hit 85.86 million kilowatt.

Its domestic installed power capacity, now accounting for more than 10 percent of the country's total, is expected to exceed 100 million kilowatt by 2010.

But BOC did not reveal details of CHNG's acquisition plan.

Acquisition loans were not allowed in China's domestic market until the end of December last year, when the China Banking Regulatory Commission released a new guideline on risk management of commercial banks in offering acquisition loans.

(Xinhua News Agency March 14, 2009)

Tools: Save | Print | E-mail | Most Read
Pet Name
China Archives
Related >>
- BOC targets 500b yuan in new loans this year
- BOC forging trade and financial service banking network

Mar.20, Shanghai Lipper Funds Awards
Mar.21-22, Beijing Anti-monopoly Law Symposium
Mar.27, Beijing The 4th Annual China Fund Summit
Apr.11-12, Beijing The Fifth (2008) 'Gold Prize of Round table'of Chinese Boards of Listed Company
Apr.20-23, Beijing Green Transformation: Forcast New Business Culture

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?