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| PRESS RELEASE >Standard Chartered Bank |
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STANDARD CHARTERED BANK SIGNS GLOBAL PREFERRED PARTNERSHIP MOU WITH SINOSURE
(10 April 2007, Beijing) Standard Chartered Bank (China) Limited signed a Global Preferred Partnership Memorandum of Understanding (“MOU”) with China Export & Credit Insurance Corporation (“SINOSURE”) today in Beijing, representing another important cooperation between the two parties following their US$1.4 billion financing deal for the China Oil & Gas Fund (COGF).
According to the MOU, Standard Chartered Bank and SINOSURE will strengthen cooperation to support local corporations expanding overseas, as well as global firms that are keen to enter the blossoming Chinese economy. The two parties are dedicated to providing world-class seamless financial and insurance solutions to such clients. Among others, emphasis will be put on cross-border investment or mergers and acquisitions projects in energy, mining, forestry, infrastructure and technology sectors.
Last year, Standard Chartered and SINOSURE cooperated in providing the acquisition financing and insurance cover for the COGF deal, which was by far the largest cross-border purchase SINOSURE had covered for a Chinese conglomerate, anywhere in the world. Standard Chartered Group was the sole bond underwriter and its Beijing branch is one of the lead arrangers for the loan syndication. The deal was recognised by Trade Finance magazine as the “2006 Trade Finance Deals of the Year”, and also nominated as one of the “Best Deals of 2006” by Global Trade Review.
Witnessing the MOU signing in Beijing, Peter Sands, Group Chief Executive of Standard Chartered PLC, commented,
“As strong supporters of the Chinese Government’s “Coming in” and “Going out” policies, Standard Chartered is delighted to be formalizing our strategic alliance with SINOSURE as we look forward to providing the best financial products and services to all of our customers in China. As China’s oldest – yet youngest – locally incorporated bank, we are delighted to be cementing a new global relationship with one of our best partners, SINOSURE.”
Liang Zhidong, Vice President of China Export & Credit Insurance Corporation, said,
“Standard Chartered Bank is a renowned international financial institution. We treasure very much the close partnership between SINOSURE and Standard Chartered. This MOU institutes the formal establishment of our ‘banking – insurance’ cooperation in the investment insurance arena, and demonstrates our commitment to contribute to the development of the Chinese economy.”
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Notes to the Editor:
China Export & Credit Insurance Corporation
China Export & Credit Insurance Corporation (SINOSURE) is the only policy-oriented Chinese insurance company specializing in export credit insurance. It started operation on December 18, 2001. SINOSURE’s registered capital came from the Export Credit Insurance Risk Fund as arranged by the State fiscal budget. Headquartered in Beijing with 19 functional departments and one operational department, SINOSURE has built a service network of 12 branches and 7 business offices nationwide and a business office in London, UK.
SINOSURE is mandated, in accordance with the Chinese government's diplomatic, foreign trade, industrial, fiscal, and financial policies, to promote Chinese exports and foreign investments, especially the export of high-tech or high added-value capital goods, by means of export credit insurance, export financing facilitation, information, and receivables management services.
SINOSURE offers coverage against political risks and commercial risks. Political risks include restrictions on transfer and remittance of foreign exchanges, expropriation, nationalization and war, etc. Commercial risks include credit risks on the part of buyers (default, bankruptcy and rejection of goods) and credit risks on the part of buyer's banks (e.g. the issuing bank or confirming bank in the case of L/Cs).
For more information on SINOSURE, please log on to www.sinosure.com.cn
Standard Chartered – leading the way in Asia, Africa and the Middle East
Standard Chartered PLC is listed on both the London Stock Exchange and the Hong Kong Stock Exchange and is consistently ranked in the top 25 among FTSE-100 companies by market capitalisation.
Standard Chartered has a history of over 150 years in banking and operates in many of the world's fastest-growing markets with an extensive global network of over 1,400 branches (including subsidiaries, associates and joint ventures) in 56 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas.
As one of the world's most international banks, Standard Chartered employs almost 60,000 people, representing over 100 nationalities, worldwide. This diversity lies at the heart of the Bank's values and supports the Bank's growth as the world increasingly becomes one market.
With strong organic growth supported by strategic alliances and acquisitions and driven by its strengths in the balance and diversity of its business, products, geography and people, Standard Chartered is well positioned in the emerging trade corridors of Asia, Africa and the Middle East.
Standard Chartered derives over 90 per cent of profits from Asia, Africa and the Middle East. Serving both Consumer and Wholesale Banking customers worldwide, the Bank combines deep local knowledge with global capability to offer a wide range of innovative products and services as well as award-winning solutions.
Trusted across its network for its standard of governance and corporate responsibility, Standard Chartered takes a long term view of the consequences of its actions to ensure that the Bank builds a sustainable business through social inclusion, environmental protection and good governance.
Standard Chartered is also committed to all its stakeholders by living its values in its approach towards managing its people, exceeding expectations of its customers, making a difference in communities and working with regulators.
In China, the Bank set up its first branch in Shanghai in 1858, and has remained in operation throughout the past 150 years. Standard Chartered Bank (China) Limited is one of the first banks to incorporate officially in China on 29 March, 2007. This demonstrates the Bank’s commitment to the China market, and its leading position as a foreign bank in the banking industry.
Recently, Standard Chartered Bank has been named as “2005 Best Foreign Bank” by Hexun Web, and 2006”Outstanding Innovative Service Award” by China Business. It has one of the largest foreign bank networks – with 12 branches (Chongqing Branch to be opened), 8 sub-branches and 3 representative offices in China.
For more information on Standard Chartered, please log on to www.standardchartered.com
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