Sinotruk joins hands with 4 banks and Anbang Insurance to launch consumer credit services

On Jan 18，2008, China National Heavy Duty Truck Group Corporation and Sinotruk (Hong Kong) Limited signed the cooperation agreement of consumer credit services with China Everbright Bank.  CEB awarded Sinotruk and Anbang Insurance a sum of one billion RMB for consumer credit services to launch the business for the massive customers of Sinotruk according to the principle of “binding types of insurance, and sharing risks and  profits”.
Sinotruk is the first company in China launching the automobile consumer credit services with a insurance company and commercial banks.  This kind of cooperation is carried out under the premise of common participating, clear responsibilities and undertaking limited risks.  This kind of operation with the background that the central government continually increases the rate of monetary preparation, and commercial banks tighten loans, has undoubtedly relieved the fund pressure of customers to purchase trucks, promoted the selling of the product of Sinotruk effectively.

Earlier, at Annual Commercial Conference 2008 of Sinotruk, Sinotruk signed the cooperation agreement of bank and enterprise with CITIC Bank, China Merchants Bank, Agricultural Bank of China and Anbang Insurance, etc.  Meanwhile, Anbang Insurance signed “Agreement of Insurance Cooperation of Fulfillment Guarantee of Automobile Financial Network” with each commercial bank.  The participation of CEB this time totaled the amount of commercial banks for the consumer credit services of Sinotruk to four.

According to the briefing of Sinotruk top management, CEB has accomplished every step of procedure ahead, and will formally launch the consumer credit services.  The other three banks are also hurried up to handle the procedure, and they will open this business in succession by the end of this month.  About 151 first class dealers of Sinotruk will obtain the qualification of opening this business first, and launch consumer credit services for the customers of Sinotruk together with the banks.