Geely seeking at least $1 billion in loans from Chinese banks for Volvo deal
Wednesday, December 2nd, 2009
At least three major Chinese banks have Geely’s back as it pursues its bid for Ford Motor Co.’s Volvo unit. Geely has already been named the preferred bidder but for the agreement to proceed, Ford had asked about Geely’s financing plans.
Sources say that banking sources are the least of Geely’s problems as so far, Bank of China, China Construction Bank and Export-Import Bank of China had agreed to extend loans to Zhejiang Geely Holding Group. Export-Import Bank of China is a policy lender wholly owned by the Chinese government and directly led by the cabinet. Continued after the jump!
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