Santander and Bank of Shanghai Completed the First Cross-border RMB Loan
SHANGHAI, July 31, 2014 /PRNewswire/ — Santander and its Chinese strategic partner Bank of Shanghai completed the first cross-border one year working capital loan in the amount of RMB 440,000,000 to a corporate entity incorporated in the Shanghai Free Trade Zone (FTZ) in May this year.
This is the first cross-border loan involving an entity incorporated in Shanghai FTZ to both Santander and Bank of Shanghai, and signifies a key milestone of the strategic partnership of Santander and Bank of Shanghai, announced in December 2013.
The collaboration between various departments in both banks was key to win the deal and achieve it on time.
Shanghai FTZ was launched on 29 September 2013 and is the first free trade zone in mainland China being used as a testing ground for a number of economic reforms to create a preferential environment for foreign investment.
Note to editors
Banco Santander (SAN.MC, STD.N, BNC.LN) is a retail and commercial bank, based in Spain, with a presence in 10 main markets. Santander is the largest bank in the euro zone by market capitalization. Founded in 1857, Santander had EUR 1.24 trillion in managed funds, 103 million customers, 13,927 branches – more than any other international bank – and 182,958 employees at the close of 2013. It is the largest financial group in Spain and Latin America. It also has significant positions in the United Kingdom, Portugal, Germany, Poland and the northeast United States. Santander registered EUR 4.37 billion in attributable profit in 2013, an increase of 90% from the previous year.
Bank of Shanghai, founded on 29 December 1995, is a joint-stock commercial bank, with 294 branches and outlets covering the Yangtze River Delta, the Pearl River Delta, the Bohai Bay, and the key cities in central and western regions. As the first milestone of expanding into overseas market, Bank of Shanghai (Hong Kong) Co Ltd was established in June 2013. Bank of Shanghai ranked No. 158 in 2013 in the list of the "Top 1,000 Banks in the world" released by The Banker.