Cosco further consolidates financing unit

Cosco further consolidates financing unit

China Cosco Shipping Corporation is continuing its consolidation process following the merger between Cosco Group and China Shipping Group last year.

Cosco Shipping Holdings has announced that the board has approved the merger deal in which China Shipping Finance will absorb and merge with Cosco Finance.

Upon completion of the deal, China Shipping Finance will be renamed Cosco Shipping Finance and the former Cosco Finance will cease to exist as a legal entity. Cosco Shipping Holdings and Cosco Shipping Development will be the major shareholders of Cosco Shipping Finance, with a shareholding of 31.21% and 23.38% respectively.

Last year, the merger between Cosco and China Shipping transformed China Shipping Container Lines (CSCL) into Cosco Shipping Development as the financing platform of China Cosco Shipping Corporation.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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