OREANDA-NEWS. November 15, 2011. ABC Financial Leasing Co., Ltd. (ABCL) reached stratigic partnership agreements in Beijing with four leading farming enterprises including Xinjiang Production and Construction Corps State-owned Assets Management and Operation Corporation, COFCO, Bright Food (Group) Co., Ltd. and Jiangsu Agricultural Reclamation Group, as well as Farmers' Daily and International Business Daily. Mr. Gao Hongbin, Vice Minister of Ministry of Agriculture, Mr. Zhang Yun, Vice Chairman and President of ABC, Mr. Yang Kun, Executive Director and Vice President of ABC and Board Chairman of ABCL, and Mr. Li Weiguo, General Director of Bureau of Agricultural Reclamation of the Ministry of Agriculture (MOA), attended the signing ceremony. Mr. Yang Kun and Mr. Li Weiguo delivered speeches and Mr. Gao Keqin, President of ABCL, signed the agreements with representatives of these partners, reported the press-centre of ABC. 

ABCL is the first wholly-owned subsidiary of ABC in China, and an important comprehensive business platform for ABC's process towards an international financial enterprise with integrated urban and rural coverage. Since its establishment one year ago, ABCL has actively probed into the modern agricultural service mode by financial leasing, and enhanced the development of key customers among leading enterprises, reclamation farms and farm machinery manufacturers as well as in equipment production, energy saving and environmental protection, transport and logistics sectors. It has initialized the new financial service channels and tools for Sannong (agriculture, rural areas and farmers). Besides, it also strengthened banking-leasing marketing in branches to provide customers with comprehensive financial solutions and achieved good economic and social returns. By the end of September 2011, ABCL has registered RMB9 billion balance in leasing business, a net margin of RMB100 million, and an average return on assets (ROA) of 2.4%. 

According to the agreements, ABCL will launch financial and leasing cooperation with Xinjiang Production and Construction Corps in purchase of general-purpose aircrafts and trainers as well as agricultural product processing base; further develop new service channels for Sannong with COFCO and consolidate the mutually rewarding cooperation; provide intentional financing valued RMB one billion for Shanghai Sugar, Cigarette and Wine Group—a subsidiary of Bright Group, and Jiangsu Agricultural Reclamation Group; and build up the partnership with Farmers' Daily and New Countryside under International Business Daily with priority given to publicity and promotion of Sannong financial leasing products, and intensive communication on domestic and international financial information.

In his address, Mr. Yang Kun said that on the basis of conventional banking business, the strategic partnership between ABCL and leading enterprises and news media would make full use of the advantages of both sides and build a new platform to serve the economic and social development in both urban and rural areas. It will also provide new channels for the difficult Sannong and SME financing, bring new options for improving value-added services for high-end customers, and lead the cooperation between ABC and leading enterprises into a new chapter.
The ceremony was also attended by persons-in-charge of ABC's County Area Banking Department and provincial branches, and representatives from competent govenmental departments and partners.