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IBT sets up 2nd leasing subsidiary in China

TAIPEI, Taiwan -- The Industrial Bank of Taiwan recently launched a subsidiary leasing company in Tianjin, their second in the mainland, and has already gained over 1 billion Chinese yuan in loans.

Established by the Industrial Bank of Taiwan (IBT ,台灣工業銀行), IBT Tianjin International Leasing Co., Ltd. (IBTJIL) opened on July 5 and is already gaining the support of major local banks in China.

The acquisition of more than 1 billion yuan in loans is a first in China. The figure is a record and nine times more than the company's capital. IBTJIL also announced that it is working with a number of local businesses, having already established working relations.

Kenneth Lo (駱錦明), chairman of IBT Group, pointed out that IBTJIL is the second leasing company to be set up in mainland China by the Group. Beijing's “Twelfth Five-Year Plan” will facilitate the rapid development of small- and medium-sized businesses (SME), therefore leasing services can help satisfy SME financing needs, he said.

IBTJIL is located in Tianjin Binhai Hi-tech Industrial Development Area (天津濱海高新技術產業開區) with initial capital of US$20 million. The company mainly services deals with finance leasing, which includes financial leasing, lease-back services, vendor leasing, operating leasing and other leasing-related services.

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