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China Merchants Bank grants $4.9bn loan to China Cosco

China Merchants Bank has announced on Tuesday the provision of a three-year credit facility of RMB30bn ($4.9bn) to state-owned shipping conglomerate China Cosco Group and its subsidiaries.

Lee Hong Liang, Asia Correspondent

August 27, 2014

1 Min Read

Kalyakan - stock.adobe.com

The brief statement from China Merchants Bank did not specify how China Cosco intends to use the funds.

Last month, China Cosco also planned to secure loans of $475m for its bulker arm Cosco Bulk Shipping Group from two national banks – China Development Bank and Bank of China.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

See more from Lee Hong Liang

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