company logo and the Commerzbank headquarters on background in Frankfurt Main, Germany. (picture alliance/dpa/archive)
Germany's Commerzbank has concluded a multi-billion Euro agreement with the large Chinese bank ICBC in order to benefit from the expansion of the "Belt and Road".
The Frankfurt-based bank is aiming over the next five years to support projects amounting up to USD5 billion (4.3 billion Euro) related to the trade route that should better connect China with the rest of Asia as well as Africa and Europe, announced Commerzbank.
The "Frankfurter Allgemeine Zeitung", a German daily, had previously reported on the cooperation.
The cooperation concerns both accompanying German and European corporate clients with their investments in China as well as supporting Asian firms in their business dealings in Europe, said Commerzbank Divisional Director Nikolaus Giesbert.
The DAX-listed financial institute wants to offer services like loans, trade financing and safeguards for transactions against currency fluctuations as well as advise companies in the capital markets business, for example with issuing bonds.
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