SMBCCN and China Development Bank Corporation Execute a Letter of Intent on Renminbi Loan to Japanese Local Small and Medium Enterprises (1/1)
January 11, 2012
Sumitomo Mitsui Banking Corporation
SMBCCN and China Development Bank Corporation
Execute a Letter of Intent on Renminbi Loan to Japanese Local Small and Medium Enterprises
TOKYO, January 11, 2012--- Sumitomo Mitsui Banking Corporation (gSMBCg, President: Takeshi Kunibe) announced today that its wholly-owned subsidiary Sumitomo Mitsui Banking Corporation (China) Limited (gSMBCCNh, President: Kazunori Okuyama) has executed a Letter of Intent (LoI) on a collaboration in Renmingbi (RMB) loans to Japanese small and medium sized enterprises (SMEs) operating in China with China Development Bank Corporation (CDB).
CDB was established as a wholly sponsored policy bank by the Chinese Government in 1994, and converted to a joint stock corporation in 2008. It finances mainly infrastructure construction projects based on the governmentfs economic growth strategies, and in recent years has been focusing on loans to SMEs for financial stabilization.
Under the LoI,
SMBCCN guarantees RMB loans extended by CDB to Japanese SMEs,
thereby further enhance SMBCfs support for the
funding activities of Japanese clients operating in Mainland
(Reference; Profile of CDB)
Name: China Development Bank Corporation
Chairman: Chen Yuan (Legal Representative and Chairman)
Total Assets: RMB 5,112 billion (as of December 2010)