Bank of Communications Steps up Coal and Power Sector Lending in Shanxi Province

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Big state-owned lender Bank of Communications (BOCOM) has expanded lending to power companies in the coal heartland of Shanxi province, as part of efforts to stabilise the regional sector.

BOCOM said that since the start of the year it has “expanded the intensity of loan extension” to the coal and power sector of Shanxi province via a range of products, including fixed asset loans and bankers’ acceptances.

“This has effectively satisfied the material procurement needs and working capital needs of enterprises,” BOCOM said.

During the period from January to August of this year, BOCOM provided more than 10 billion yuan in loans to coal enterprises, as well as nearly 2 billion yuan in loans to various power enterprises.

BOCOM also stressed the role of its “commercial bank + investment bank” model in expanding financing channels for enterprises in Shanxi province.