OREANDA-NEWS. June 10, 2011. Agricultural Bank of China (ABC) and China Southern Airlines signed the Bank-Enterprise Comprehensive Strategic Cooperation Agreement in Guangzhou. ABC promised to provide an intent credit line of RMB60 billion for China Southern Airlines Group within the next five years, to meet the latter's capital demands for strategic development and help it develop itself into the "best airlines in China and top-grade one in Asia". Xiang Junbo, Chairman of ABC, Guo Haoda, Vice President of ABC, Si Xianmin, General Manager of China Southern Airlines Group Corporation and Chairman of China Southern Airlines Co., Ltd. Wang Quanhua, Deputy General Manager of China Southern Airlines Group Corporation, Tan Wangeng, General Manager of China Southern Airlines Co., Ltd. and persons in charge of the both parties attended the signing ceremony, reported the press-centre of ABC.

According to the Agreement, both parties would carry out in-depth cooperation on RMB and foreign currency settlement and cash management, joint issue of bank cards and redemption of loyalty points, e-Commerce, consultation, debt financing instruments, mutual provision of VIP services, advertising and publicity etc. It would be win-win cooperation. Meanwhile, the two parties also signed the Financial Advisory Service Agreement and Bank-Enterprise Online Payment Agreement. According to the agreements, ABC would provide perennial financial advisory service and various professional advisory services for China Southern Airlines Group. 0.3 Billion cardholders of ABC would be able to directly pay for the air tickets on the website of China Southern Airlines by a directly connected system. The above two cooperation agreements could be regarded as the further refinement and implementation of the Comprehensive Strategic Cooperation Agreement. Based on that, the two parties would continue to enhance cooperation in other aspects to achieve a win-win development.

In recent years, ABC constantly intensifies support for air transportation industry. It has established comprehensive partnership with three major domestic airlines groups, with the market share steadily rising. As stated by Xiang Junbo, the Chairman of ABC, the signing ceremony signifies that the cooperation between ABC and China Southern Airlines Group is stepping into a brand new all-round cooperation stage. After the joint-stock reform and IPO, ABC could provide stronger financial support, more quality and efficient financial services for the development of all kinds of businesses of China Southern Airlines Group.
Si Xianmin, General Manager of China Southern Airlines Group, expressed that, the Cooperation Agreement signed with ABC would conduce to the faster development of its businesses and mutual benefit and win-win partnership, thus making greater contributions to the development of Chinese civil aviation.