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China's CITIC Bank gives 15b yuan credit to AVIC

(Agencies)
Updated: 2009-03-24 10:26

China's CITIC Bank has granted a 15 billion yuan ($2.2 billion) credit line to the national aircraft maker, Aviation Industry Corp of China (AVIC), the official Xinhua news agency reported on Monday.

Related readings:  CITIC Bank Q3 net profit doubles  China CITIC Bank reports 2007 net profit doubles  AVIC to establish 3 subsidiaries in Beijing  AVIC, Airbus to set up JV for A350

The credit line is part of a partnership between the two that will also see CITIC provide investment bank and asset management services to AVIC, the Xinhua report said.

"Aviation is a strategic industry for our country's development, and the restructuring of AVIC has given CITIC Bank a vast opportunity for business cooperation," an unnamed bank official was quoted as saying.

AVIC was created last year out of a merger of two state aircraft makers with sights set on big projects, including a locally developed regional jet, to reduce China's reliance on Boeing and Airbus.

Combined 2008 sales for the two companies that merged were 166 billion yuan ($24.3 billion) in 2008, compared with $60.1 billion for Boeing.