Bank of China Signs Funding Agreement With China Travel Service

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 ◆ Bank of China Signs Funding Agreement With China Travel Service

Bank of China (BOC) Hong Kong Branch and China Travel Service (Holdings) Hong Kong Limited (CTS Holdings HK) Friday announced a 7-year funding agreement of 2.25 billion HK dollars (US dollars 288 million). The agreement involves a term loan of 1,672 million HK dollars (US dollars 214 million) and a revolving loan of 578 million HK dollars (US dollars 74 million). The CTS will use the loan as the floating capital for its business expansion in the coming years, according to CTS Holdings HK, adding that China's imminent accession to the WTO and its successful bidding for hosting 2008 Olympics have provided a golden opportunity for the development of China's tourism. Liu Jinbao, general manager of BOC Hong Kong Branch, said at the signing ceremony that Bank of China and CTS Holdings HK have been maintaining a close business relationship for a long time. "We hope that both of us will follow our fine tradition of trust and mutual benefit, and to capitalize on the current foundation for a better development," he added.