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November 04, 2009 20:50 PM
Hong Leong Bank Upbeat About China Prospect
KUALA LUMPUR, Nov 4 (Bernama) -- Hong Leong Bhd, which recently signed a finance co-operation agreement with China Development Bank Corporation (CDB), is ready to participate in the growth and upside potential of China market, group managing director Yvonne Chia said.
Chia, who is also the group's chief executive officer said the partnership has set the platform for the group to penetrate the market in various areas including funding, financing, currency swaps, personnel exchange and training as well as information exchange.
"China is a global economic superpower. The upside and opportunities are immense," she said, adding that China is a key market for the group.
The bank recently also entered into an agreement with Bank of Chengdu Co. Ltd (BOCD) to form a joint venture company to operate a licensed consumer finance company in Chengdu, Sichuan, China.
HLB also has 20 per cent equity interest in BOCD.
Its 20 per cent equity stake in BOCD, Chia said has already turned in a maiden profit of RM99 million in its last financial year.
-- BERNAMA
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