CMB provides RMB30bn facility to Cosco

Hong Kong: China Merchants Bank (CMB) announced that the board has agreed to provide a credit facility of RMB30bn to Cosco Group in a three-year-period.

Cosco Group reported a net loss of RMB1.88bn in the first quarter of 2014. The group said it plans to retire 41 vessels this year as part of its fleet optimization plan. [27/08/14]

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