JTA NEWS
24 February 2018 - 10 Adar 5778 - י' אדר ה' אלפים תשע"ח
JTA NEWS :
Bank Leumi and Bank of China agree to extend credit to Israeli companies operating in China E-mail

Bank of China has signed a partnership agreement with Israel’s Bank Leumi to cofund Israeli companies working in China, Bank Leumi announced on 18 January.

Bank of China is one of China’s four largest banks and is considered the second-largest lender in the country. Bank Leumi is one of the two largest banks in Israel.

According to the agreement, Israeli companies that have operations in China could receive local credit directly from Bank of China, based on guarantees from Bank Leumi, or through a joint credit line extended by the two banks.

Bank Leumi said that the two banks have agreed to extend up to US$100 million in credit in each of the next two years, up to a total of US$200 million. As part of the agreement, which was signed by Leumi Group Chairman, David Brodet, and Bank of China Vice President, Gao Yingxin, Israeli companies operating in China will be able to receive credit in local currency (Yuan), with the credit being granted in two ways: directly by Bank of China and with the guarantee of Bank Leumi, or by means of a credit line to be established jointly by the two banks.

So far, foreign companies operating in the Chinese market have had difficulty obtaining credit from local banks, which has made it harder for them to penetrate the local market or to increase the volume of their business.

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