On February 8, Sinochem International and China Construction Bank (CCB) Shanghai Branch held the signing ceremony of Cash Management Cooperation Agreement. Xu Weihui, General Manager of Sinochem International and Ning Liming, President of CCB Shanghai Branch, signed the agreement.
At the beginning of 2006, Sinochem International started contacting a number of Chinese and foreign banks on the issue of cash management plan and finally chose CCB. The bank’s cash pool model, mature statement system, comprehensive services and project implementation experience all meet the needs of Sinochem International.
Since 2001 when Sinochem International moved to Shanghai it has established sound partnership with CCB Shanghai Branch in such areas as international trade settlement, import bill advance, forward foreign exchange trading against RMB, short-term current funds loan and note discount.
So far the preparations for the cooperation agreement design, examination of legal documents, opening of account and joining of VIP customers of CCB have been completed. It is planned to launch the cooperation project at the end of March.