Bank of China Provides Credit Facility to SAIC-GM-Wuling Finance Indonesia

Financials Author: EqualOcean News, ChenZhiheng Mar 28, 2024 03:44 PM (GMT+8)

On March 27, 2024, SAIC-GM Wuling Finance Indonesia signed a credit agreement worth Rp 75 billion with the Bank of China Jakarta Branch. Bank of China Jakarta Branch is the first overseas Chinese bank to commit to providing credit facilities in cooperation with SAIC-GM-Wuling Finance Indonesia. This credit facility will be used to support business growth and company expansion in Indonesia.

The signing ceremony was held at the headquarters of the Bank of China Jakarta Branch in the presence of Mr. Wang, Chairman of SAIC Wuling Finance Indonesia, and Mr. Chen, Deputy Governor of Bank of China Jakarta Branch SAIC Wuling Finance Indonesia is a finance company jointly established by Wuling Motors and SAIC in Indonesia to provide multi-purpose financing, investment financing, and operational financing services to local retail customers and dealers of Wuling and MG brands in Indonesia.

Wuling Finance's shareholders include SAIC, General Motors Wuling Indonesia, General Motors Finance, and Indonesia Sinar Mas Group with a total registered capital of Rp 600 billion.

"We feel honored and proud to be one of the first automotive finance companies in Indonesia to partner with a Chinese bank in an overseas market, which is in line with our company's aim to strengthen cooperation with various banks and now with one of the largest Chinese banks in the world." Wang Tao, Chairman of SAIC-GM-Wuling Finance Indonesia, said.

"We are pleased to be able to support SAIC Wuling Finance Indonesia with financing to support the development of an important industry in the Indonesian economy and to contribute to driving the growth of the electric vehicle market in Indonesia." Chen Teng, Deputy Governor of the Bank of China Jakarta Branch, said.

Automobile is a typical asset-heavy industry, and every detail of research and development requires financial support. For a long time, the Bank of China has focused on the new energy automobile industry and is committed to promoting the technological upgrading and technological progress of automobile enterprises and enhancing the competitiveness of the new energy automobile industry chain through corporate credit, supply chain financing, equity investment, and the establishment of industrial funds.

Up to now, the Bank of China has established cooperation with dozens of new energy automobile enterprises, including FAW, SAIC, GAC, BYD, Geely, and Azure, and has granted credit to nearly 9,000 customers in the automobile industry chain, with a balance of more than RMB 200 billion. To promote China's new energy brand "national cars going overseas", the Bank of China, as the first financial institution in China, has cooperated with SAIC-GM-Wuling Indonesia Automobile Company to provide 200 million RMB cross-border loans to the company, which supports the overseas production of domestic independent brand cars.