CSG’s new partner

China Shipping Group has sealed another strategic alliance with a state bank worth CNY 90bn ($14.38bn).

The company is teaming up with Bank of China for global cooperation and an alliance in the Shanghai Free Trade area, Sinocast reported.

Both sides will work together on cash management, direct financing, financial advice, investment banking and insurance.

It follows CSG’s deal with state lender Industrial and Commercial Bank of China (ICBC) last year, which was worth CNY 80bn.

The two sides were to cooperate on risk management and work to increase competitiveness.

The move was a result of a recent state initiative to promote the development of the maritime industry, CSG added.

source:www.tradewindsnews.com