China Construction Bank backs French conglomerate Alstom

BEIJING, September 6 — Marking its first ever cooperation pledge with a Chinese bank, French industrial conglomerate Alstom has signed an agreement with China Construction Bank (CCB), under which CCB will provide all-around financial support to Alstom’s business growth in China.

Senior executives from the two sides, notably Patrick Kron, chairman & chief executive officer of Alstom Group, Alain Berger, president of Alstom China, as well as Guo Shuqing, chairman of CCB, and Zhao Lin, executive vice president of CCB were present at the signing.

“The synergies created through this agreement will enhance the competence level and reinforce the strength of both Alstom & CCB, and greatly boost the speed of their development in China,” said an Alstom statement.

In June, Alstom announced it would set up a global construction base in China for exporting turbines. It has also been actively participating in the construction of Chinese key projects of China including the Three Gorges Project, Daya Bay and Ling Ao nuclear power stations (phases I & II), and the 200km/hour (125 miles/hour) EMU project of the Ministry of Railways.

About James Ockenden (223 Articles)
A writer covering international energy and power markets since 1996
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