ICBC offers China´s 1st annexation loan
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Source: CCTV.com | 01-07-2009 09:00
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The Industrial and Commercial Bank of China has offered the country's first annexation loan to a domestic company. The Beijing Shouchuang Limited Company will receive more than five billion yuan from the bank for an acquisition project.
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| The Industrial and Commercial Bank of China has offered the country's first annexation loan to a domestic company. |
The deal was signed on Tuesday in Beijing. Annexation loans differ from ordinary loans because receivers are requested to pay back the loans with shares or dividend.
China had banned commercial banks from providing annexation loans because of the high risks. Last month, the country lifted the ban, encouraging banks to offer annexation loans to help domestic enterprises survive the global financial crisis.
http://www.cctv.com/english/20090107/101971.shtml
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