Shanghai: In a big fillip to Shanghai’s ship finance aims, the local port has come onboard a planned new leasing outfit.
The Bank of Shanghai (BOS) is establishing a financial leasing company in the city’s free trade zone. Shanghai International Port (Group) is to be onboard the initiative with SIPG buying RMB4.6bn ($760m) of BOS equities by private placement recently.
By the end of 2013, 57 financial leasing companies and 241 subsidiary projects had been set up in the FTZ, with the total leasing asset amounting to more than $5.5 billion.
Central government is pushing for Shanghai to become an international finance and maritime centre by 2020 – pushing ship finance initiatives will be vital if this goal is to be met. [29/01/14]