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BOC lends $99.45m to Huaneng in acquisition loans

(Xinhua)
Updated: 2009-03-14 10:14

BEIJING -- Bank of China (BOC) has lent 680 million yuan to China Huaneng Group to help it carry out acquisitions, said the bank on Saturday.

It is BOC's first acquisition-oriented loan in the domestic market, a type of loan given to support a company to purchase specific assets, said the bank.

BOC did not reveal details of Huaneng's acquisition plan.

Acquisition loans were not allowed in China's domestic market until the end of December last year, when the China Banking Regulatory Commission (CBRC) released a new guideline on risk management of commercial banks in offering acquisition loans.