On February 7th 2012, Mr. Jean-Marie Sander, Chairman of Crédit Agricole S.A, led a delegation to visit China Rongsheng Heavy Industries’ Nantong Production Base. Other honorable delegates comprised of Mr. Joseph d’Auzay, Corporate Secretary of Crédit Agricole S.A, Mr. Marc Poirier, Regional CEO for Asia of Crédit Agricole CIB, and Mr. Xavier Roux, President of Crédit Agricole CIB (China) Limited.
China Rongsheng Chairman Mr. Zhang Zhi Rong, Chief Executive Officer Mr. Chen Qiang, Vice Chairman Mr. Wu Zhen Guo, Vice President Mr. Hong Liang and the Rongsheng Heavy Industries President Mr. Chen Guo Rong, warmly welcomed the delegation.
Mr. Zhang played host to the delegation and guided tour around the production area and exhibition center. During the visit, Mr. Zhang not only introduced the key products and technologies of the Group, but also the strategies and development progress of different business segments. The Nantong Production Base, which represents the largest shipyard in PRC, involved in the shipbuilding and offshore engineering business of the Group. It is also one of the most advanced offshore engineering production base in the country.
Meanwhile, Mr. Sander expressed his admiration on the advanced technical prowess, production capability and leading product design of China Rongsheng. He noted that Credit Agricole will continue to strengthen the partnership with China Rongsheng, and seek more cooperation opportunities in 2012.
Regarded as banking giant with a global footprint, Crédit Agricole S.A. is the largest retail banking group in France and one of the largest in the world. Since 2011, China Rongsheng has started to cooperate with Crédit Agricole in various aspects. With Crédit Agricole CIB acted as the lead arranger and book runner, China Rongsheng secured a USD 220 million syndicated loan in August 2011. Besides, the two groups completed an interest rate swap agreement worth USD 110 million. The partnership helps to balance China Rongsheng’s loan structure, with hedging foreign exchange risks and reducing the financing cost.
Shipbuilding Tribune Staff, February 9, 2012; Image: aveva