BEIJING, Dec. 16 (Xinhua) -- Dairy giant Fonterra said on Thursday that it had established a 1.5 billion yuan ($216.36 million) multi-currency facility with Bank of China.
Fonterra, the world's largest dairy exporter, said the facility will provide diversity in its yuan funding sources for its operations in China, its largest market.
"Bank of China's local presence and knowledge offer us additional benefits in the Chinese financial markets," Fonterra's Chief Financial Officer Lukas Paravicini said in a written statement.
Bank of China set up operations in New Zealand in 2014, following other major Chinese banks such as China Construction Bank.
Though still a small presence in New Zealand, Chinese banks provided an alternative in New Zealand's banking sector, and touted themselves as a way for New Zealand businesses to smooth their inroads into China.
"We see great opportunities in tapping into China's debt capital markets on behalf of New Zealand financial institutions and government agencies," said Bank of China New Zealand Chief Executive David Lei Wang in a statement. (Reuters)
A single purchase
