News Release


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 (gSMBCg, President: Takeshi Kunibe) announced today that its wholly-owned subsidiary Sumitomo Mitsui Banking Corporation (China) Limited (gSMBCCNh, 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 governmentfs 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 SMBCfs support for the funding activities of Japanese clients operating in Mainland China. 

 

 

(Reference; Profile of CDB)

 

Name:                                 China Development Bank Corporation

Establishment:                     1994

Head Office:               Beijing

(Address: No. 29 Fuchengmenwai Street, Xicheng District, Beijing, China)

Chairman:                   Chen Yuan (Legal Representative and Chairman)

Total Assets:                        RMB 5,112 billion (as of December 2010)




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