OREANDA-NEWS. November 26, 2012. Agricultural Bank of China Limited (ABC) New York Branch signed a syndicated loan agreement in New York with the US-based Cargill. According to the agreement, ABC New York Branch will offer Cargill Headquarters and its qualified subsidiaries with 1-year and 5-year credit lines up to USD50 million, reported the press-centre of ABC.

Cargill is a world famous enterprise for agricultural production and processing, one of the world’s four biggest food dealers, and also the biggest private capital company in the US. It runs business in 65 countries all over the world and has over 140,000 employees. In the fiscal year 2011-2012, Cargill realized an operating income of USD133.9 billion, ranking 13th among the Fortune Global 500.

Cargill has been maintaining good relationship with China for a long time as its trade with China began since Nixon's visit to China in 1972, and so far it has established 39 wholly-owned enterprises and joint ventures in more than 10 provinces and cities around China.
It is known that Cargill has extensive cooperation with ABC in credit business, cash management, RMB cross-border settlement and etc.

However, this syndicated loan project represented ABC’s first cooperation with Cargill Headquarters, which was of great significance for intensifying and expanding the bank-enterprise relationship. In the meantime, this is also the first project of ABC New York Branch since its opening on August 16th 2012, marking its official business kick-off in the American market. ABC New York Branch started with providing support for a world famous agricultural enterprise, demonstrating ABC’s comparative advantage.

This initiative is also a fulfillment of its commitment of supporting agricultural production and trade when applying for setting up the branch in America, and highly spoken of by the market and the regulator.