CITIC, Zhongguancun reach cooperation deal

Zhu Jialin (left), vice-president of China CITIC Bank and Yang Jianhua (right), vice-director of the Zhongguancun Administrative Committee shake hands after signing the agreement in Beijing on Oct 16, 2014. [Photo provided to China Daily]

China CITIC Bank Corp and the administrative committee of Zhongguancun Science Park held a signing ceremony for their strategic cooperation in Beijing on Oct 16, 2014.

On behalf of the two sides, Zhu Jialin, vice-president of CITIC Bank and Yang Jianhua, vice-director of the Zhongguancun Administrative Committee, signed the agreement.

The business department of the bank's head office signed contracts with four enterprises in the park.

Li Qingping, president of the bank and Guo Hong, director of the Zhongguancun Administrative Committee, attended the ceremony.

The two sides aim to enhance their cooperation through establishing a long-term, stable and mutually beneficial partnership.

According to the agreement, China CITIC Bank will provide financial services for enterprises and infrastructure in the park. It will also provide settlement services and personal banking services including retail financial services, wealth management and private banking services for small and micro enterprises.

The bank will offer credit lines of 30 billion yuan ($4.9 billion) to high-tech enterprises in the park for the first time, it being considered a "marriage" between finance and technology.

Besides traditional financial services, the bank will explore an innovative cooperation mode with Zhongguancun. It will join the park's innovative cloud, taking big data advantage of cloud services to speed up loan approvals for enterprises.

China CITIC Bank will give Zhongguancun more resources in project finance, micro finance and capital settlement services. The bank's comprehensive financial platform will give full play to its advantages in banking, securities, insurance, trusts and funds. The bank will push forward the park's economic take-off and help it become a global science and technology innovation center.