Recently, Bank of China and China Railway Materials Commercial Co., Ltd. (CRM) signed a strategic cooperation agreement covering RMB 15 billion in Beijing. Bank of China's President Li Lihui, vice President Chen Siqing together with CRM's Chairman Song Yufang and President Li Wenke attended the signing ceremony.

According to the agreement, both parties will carry out strategic cooperation in credit extension and financing, settlement, fund business, cash management, overseas business, investment banking, insurance service and personal financial service. By leveraging on its diversified and international service platform and taking advantage of its strengths in financial market business and supply chain, Bank of China will provide comprehensive and quality financial services, to become CRM's core banking partner. The signing of the agreement symbolizes the establishment of a long-term strategic partnership between Bank of China and CRM, being important for both parties to expand the cooperation scope, enhance the cooperation level, intensify the cooperation efforts in the aspects of capital financing and operation, international M&A and financial logistics.

As one of CRM's main banking partners, Bank of China was the first bank to support the "go global" effort of CRM. At present, Bank of China is carrying out a wide range of business cooperation with CRM through many of its branches at home and abroad.

CRM is the leader in the railway materials supply market, the biggest comprehensive service provider in steel & iron materials trade, and one of the major railway materials exporters in China. In 2010, with RMB 153.2 billion of operating income, CRM was listed in Global Fortune 500 for the first time, ranking the 429th.

Source:boc