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China Southern Airlines Inks Billion Dollar Agreement With The Bank of China

12 June 2002

China Southern Airlines (NYSE: ZNH) (HKSE: 1055), the largest airline in The People's Republic of China has announced that it has cemented an all-new, multi-year cooperative agreement with The Bank of China. 

From the agreement, China Southern Airlines will receive a RMB12 Billion Yuan ($1.4B USD) credit extension from The Bank of China.

Here in Beijing, China's largest airline signed this new pact with The Bank of China that - within the next three years - will see The Bank of China through its extensive financial network, provide China Southern Airlines with immediate monetary transaction services as well as a host of financial products such as credit extension; deposits; Internet funds Giro; RMB forward bills settlement & sales; investment banking and retailing/business training. 

Present at the signing ceremony were the CAAC Vice Minister Mr. Bao Pei De; China Southern Airlines Chairman Mr. Yan Zhiqing and President Mr. Wang Changshun and Mr. Liu Mingkang, Chairman & President, The Bank of China.

"China Southern Airlines selected The Bank of China as its leading commercial financial institution based on the BOC's strong position in domestic & foreign currency finance; International monetary exchange; risk management and funds settlement," said Mr. Wang Changshun. 

Mr. Wang added that The Bank of China will, "also explore and tap into the 'melding' of air transportation and financial services, further extending our new mutual cooperative relationship."

"The Bank of China has a long cooperative history with China Southern Airlines. With the rapid development of China Southern, the cooperation between the two sides has been furthered solidified from initial aircraft financing guarantees to aircraft advance payment financing, debt hedging, forward bills settlement & sales, funds Giro and Internet banking," added Mr. Wang.

The Bank of China, founded in 1912, stands Internationally renowned not just for the most extensive international network but also for the greatest advantage in international financial operations. Over the 90 years since its birth, the bank has played a significant role in developing China's foreign trade, promoting close cooperation with the international financial community, and boosting China's economic growth and social progress.

Rated as one of the major international banks with the most substantial strength in equity capital by the Banker, the Bank of China has also been ranked among the Fortune global 500 companies by Fortune Magazine for 12 straight years and awarded seven times the title of "the Best Bank in China" by Euromoney Magazine which has also crowned it with "Best Domestic M& A House in China" for Year 2000. 

This new agreement between China Southern Airlines and Bank of China will become "jumping-off point for mutual benefit and cooperation, laying a solid foundation for both sides to further enrich and develop their own businesses," added Mr. Wang.

The largest airline in The People's Republic of China for the past 23 years, China Southern Airlines connects more than 80 cities around the globe. Major business and vacation destinations served in China include: Beijing, Chengdu, Guangzhou, Guilin, Hong Kong, Kunming, Shanghai, Shenzhen and Wuhan and as well as international service, including: Amsterdam, Bangkok, Fukuoka, Hanoi, Ho Chi Minh City, Kuala Lumpur, Jakarta, Los Angeles, Manila, Melbourne, Osaka, Penang, Phnom Penh, Seoul, Singapore, Sydney and Tokyo.

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