Bank of China (BOC) has signed a strategic cooperation agreement with Baosteel Group, under which the lender will provide cash management services for the Shanghai-based iron and steel conglomerate in overseas markets.
The partnership will help Baosteel better manage its foreign exchange (FX), tap international money markets and enhance risk control as the Shanghai-based company has been pursuing a ‘go out’ strategy in recent years, Baosteel stated in an email to the media.
BOC was the sole underwriter of Baosteel’s 2.9 billion yuan (US$465m) dim sum bond sale in Hong Kong in February.
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