On December 30, Shanghai-headquartered Bank of Communications, ranked among the top five commercial banks in China, announced that it has inked a strategic cooperation agreement with Chinese steel giant Baosteel Group.
Accordingly, Bank of Communications will grant a credit line worth RMB 50 billion ($7.55 billion) to Baosteel Group in order to support the development of its key enterprises. In addition, Bank of Communications will offer a wide range of financial services to Baosteel Group.