ICBC to lend RMB 10 bln for M&A activities in Heilongjiang
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The Heilongjiang branch of Industrial and Commercial Bank of China (ICBC)<601398><1398>, the world's biggest lender by market value, has signed a strategic agreement to provide the Heilongjiang Provincial Assets and Equity Exchange Center a credit line of RMB 10 billion to support corporate mergers and acquisitions (M&A) in the province, the official Xinhua News Agency reported on Sunday.
This is the first loan for M&A activities in Heilongjiang Province, and in fact the first such loan in any of the three provinces in Northeast China.
Since 2004, the local assets and equity exchange center has processed 1,832 property rights transactions totaling RMB 45.6 billion. It has become the largest property rights exchange center in Northeast China.
ICBC's new loans in May were around RMB 50 billion, said Jiang Jianqing, chairman of the bank, at the company's annual general meeting, according to an earlier report from China Knowledge.
The lender earlier reported a better-than-expected net profit of RMB 35.29 billion in the first quarter of this year, up 6.03% year on year.
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