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BOC lends $99.45m to Huaneng in acquisition loans

(Xinhua)
Updated: 2009-03-14 10:14

BEIJING -- Bank of 皇冠体育app (BOC) has lent 680 million yuan to 皇冠体育app Huaneng Group to help it carry out acquisitions, said the bank on Saturday.

It is BOC's first acquisition-oriented loan in the domestic market, a type of loan given to support a company to purchase specific assets, said the bank.

BOC did not reveal details of Huaneng's acquisition plan.

Acquisition loans were not allowed in 皇冠体育app's domestic market until the end of December last year, when the 皇冠体育app Banking Regulatory Commission (CBRC) released a new guideline on risk management of commercial banks in offering acquisition loans.