CDB, Italy's Mediobanca ink investment MOU
Published: 07 Jul 2009 18:48:20 PSTJul. 8, 2009 (China Knowledge) - China Development Bank (CDB), which was converted from a policy lender into a stockholding commercial bank in late 2008, on Monday signed a memorandum of understanding (MOU) with Mediobanca SpA, Italy's leading investment bank, to expand industrial investment between the two nations, said the Italian bank in a statement yesterday. The MOU between the two lenders was among 38 agreements totaling around EUR 2 billion that were sealed at an Italy-China investment forum in Rome. Both banks intend to strengthen financial links to facilitate industrial investment by Chinese and Italian firms. In late March, the Chinese lender, which is 51.3% held by China's Ministry of Finance (MOF) and 48.7% by China's Central Huijin Investment Co Ltd, signed an MOU with Inter-American Development Bank, according to an earlier report from China Knowledge. CDB earlier reported RMB 20.8 billion in net profit for 2008, a year-on-year decline of 28%. Copyright © 2009 www.chinaknowledge.com |
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