CITIC Ba solar module nk, AVIC in strategic partnership
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CITIC Bank, AVIC in strategic partnershipPublished: 24 Mar 2009 16:55:10 PST

Mar. 25, 2009 (China Knowledge) - China CITIC Bank Corp<601998><998>, the listed banking unit of the nation's largest investment enterprise CITIC Group, has signed an strategic cooperation agreement with state-owned Aviation Industry Corp of China (AVIC), the country's leading aviation manufacturer, the official Xinhua News reported on Monday.

Under the agreement, CITIC Bank will grant a credit line of RMB 15 billion to AVIC. In the meantime, the lender will also offer comprehensive financial services to the aircraft maker, including investment bank, company financing, asset management and employers' pension.

Last August, China Aviation Industry Corporation I and China Aviation Industry Corporation II were merged into AVIC as part of the government's efforts to consolidate the industry and compete with overseas rivals, such as Boeing and Airbus, in the civil aviation industry. It has a registered capital of RMB 64 billion.



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