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TRADE FINANCE | Staff Reporter, China

Citi inks deal with BOC and CMB to explore co-financing Belt & Road projects

The bank has business coverage across 60 of 70 B&R markets.

Citi has signed a memorandum of understanding with Bank of China (BOC) and China Merchants Bank (CMB) to explore potential avenues of cooperation in co-financing, financial products, trade, agency and trust and capital markets with regards to various infrastructure projects for the Belt & Road initiative.

The banks has expressed willingness to provide assistance to Chinese partners, buoyed by its business coverage in 60 out of 70 B&R markets.

“We have a long track record of supporting our Chinese banking clients around the world and recently we have achieved several landmark transactions supporting the Belt and Road Initiative,” said Citi China CEO Christine Lam. “We look forward to continuing our century-long tradition of serving our clients by enhancing partnership and helping them realize their global ambitions.”

Citi has served as the only external global coordinator on BOC’s B&R bond issuance three times across all tranches and consequently raised $10b in total from international markets.

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