UniCredit and the Export-Import Bank of China (CEXIM) to Intensify Cooperation in China, Italy and CEE Regions
UniCredit has announced the signing of a Memorandum of Understanding (MoU) with the Export-Import Bank of China (CEXIM) to assist in establishing and developing long-term relationships in order to promote cooperation between Chinese, Italian and Central Eastern Europe (CEE) companies.
The MoU's aim is to mutually promote business development and client solutions in the areas of project finance (incl. ECA covered financings), energy and infrastructure projects, global transaction banking (in particular settlement services and short-term financings), debt capital markets, global markets, funding support on Italy and CEE local markets and financial advisory (incl. M&A).
The MoU builds upon the strengthening economic and trade cooperation between China and Europe (as of end 2018, China was the 2nd largest partner for EU exports of goods and the largest partner for EU imports of goods, according to Eurostat).
The primary scope of the MoU is to promote joint participation in financing, including project financing and ECA covered financing, and to introduce Italian, CEE and Chinese companies to participate in projects. In doing so, the MoU will support trade between China and UniCredit’s core markets of mechanical and electronic products, high and new-tech products and energy and raw materials. The MoU will also facilitate cooperation across energy and infrastructure projects located in China, Italy and CEE, which are to be invested or developed by Chinese and/or UniCredit’s core markets enterprises.
The Memorandum of Understanding (MoU) was signed on July 10th, in Milan, Italy, by UniCredit Chairman Mr. Fabrizio Saccomanni and CEXIM Chairman Ms. Hu Xiaolian.
Commenting on the MoU, UniCredit Chairman Saccomanni said: “This MoU is a concrete step forward in supporting European corporates’ economic growth in China. As a successful pan-European bank, UniCredit is uniquely positioned to support cooperation between Chinese and European companies.”
The MoU will support corporate clients, project sponsors and institutions in their international business, in particular as regards transactions in UniCredit’s core markets, namely CEE and Italy. The MoU will allow UniCredit to strengthen its ties with Chinese corporates and financial institutions, whilst becoming the gateway for these clients as they expanding their business into the bank’s core markets.