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.
Data from S&P Global Market Intelligence suggest that the German lender is struggling to meet capital and earnings figures.
The T+2 Industry Steering Committee (T+2 ISC) has welcomed recent action by the Securities and Exchange Commission (SEC) to propose a rule ... read more
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