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Industrial Bank Offers USD5.1 Billion Credit Line to China Telecom
Dou Shicong
DATE:  Dec 12 2018
/ SOURCE:  yicai
Industrial Bank Offers USD5.1 Billion Credit Line to China Telecom Industrial Bank Offers USD5.1 Billion Credit Line to China Telecom

(Yicai Global) Dec. 12 -- Industrial Bank plans to offer a CNY35 billion (USD5.1 billion) credit line to China Telecommunications, one of the country's big three state-owned carriers, to help the borrower upgrade its systems and diversify its business growth.

The Fujian province-based lender and the telecoms firm penned a deal in Beijing yesterday, the bank said online. Industrial Bank has ties to more than 40 China Telecom subsidiaries and will offer the carrier a package of financial services including traditional funding, investment banking, individual financing and capital management, according to the agreement.

"[The pair] can create a union of finance and information services through integration to form new business ecosystems and bring more surprises to clients and the market," said Gao Jianping, chairman of Industrial Bank. The two firms will leverage their strengths to develop big data applications in the financial and digital currency fields, and look to combine the telecoms and financial sectors.

China Telecom is one of the top 10 biggest telecoms providers in the world and boasts 800 million users including mobile, broadband and other customers. It holds more than CNY800 billion (USD116 billion) in assets and bagged CNY366 billion in annual sales revenue last year, according to its 2017 financial report.

Founded in 1988, Industrial Bank was among the first batch of joint-equity commercial banks on the Chinese mainland. It had CNY6.4 trillion (USD932 billion) in assets as of the end of last year and has over 2,000 branches nationwide.

Editor: James Boynton

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Keywords:   Industrial Bank