ABN Amro-Sinosure MoU for Shipping
Dutch bank ABN Amro and China Export & Credit Insurance Corporation (Sinosure) have signed a memorandum of understanding (MoU) to develop business in the ship building sector.
ABN Amro will provide local and sector knowledge in shipping and offshore transactions, an export finance source at the bank said.
ABN Amro will provide medium and long-term financing to Chinese companies operating in shipping sector, guaranteed by Sinosure, while the Chinese agency is also hoping to draw on the bank’s experience in the sector.
Sinosure has been previously active in the shipping sector, often involving a mixture of financing models, but usually with some domestic banking involvement.
Industry observers say that the Chinese government has certain plans for shipping and offshore. The Chinese government is managing that sector and Sinosure is one of the organizations that can play a substantial role in supporting it.