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China Auto Rental Received 3 Billion Credit Support from Bank of China

Release time: 2012.7.18

July 18, 2012: China Auto Rental and Bank of China jointly announced the signing of a strategic cooperation agreement. Bank of China will provide China Auto Rental with 3 billion RMB or equivalent foreign currency of credit and financing arrangements.

According to Roland Berger survey, as China's largest car rental chain service provider, China Auto Rental enjoys its indisputable leadership in terms of fleet size, network coverage, market share, and operating income. Bank of China was China's first commercial bank publicly listed in both mainland and Hong Kong. It is China's most international and diversified bank. With this partnership the two parties will combine both advantages of resources and brand value. Bank of China will also provide 3 billion RMB or equivalent foreign currency of credit and financing arrangements to China Auto Rental for routine business and project development, in addition to other diversified services including personalized capital management, international settlement, professional service for capital market, bank card business, personal financial, insurance services, etc.

China Auto Rental Chairman and Chief Executive officer, Charles Lu said: "As a capital-intensive industry, the development of car rental companies needs strong financial strength and professional financial support. During its development through the past century, the Bank of China has established a superior brand image and is widely recognized by the industry and customers. We are very pleased to establish a strategic partnership with the Bank of China, we believe that with their support, China Auto Rental will be able to further expand the scale, reduce costs, offer our customers finer-quality and more cost-saving car rental experience, meanwhile, create good returns for our partners to achieve mutual benefits and development."

Bank of China commented that, "Bank of China values cooperation with emerging industries and enterprises. As China's leading car rental service provider, China Auto Rental has a very strong shareholder background and management team, as well as an excellent customer base and good record of business performance. This cooperation marks a further significant move in product innovation for Bank of China in the car rental market. We will make full use of our service resources to provide China Auto Rental with fine financial support and customer service, for the two parties to work jointly for the healthy development of China's car rental industry. "

Industry experts said that this cooperation will further strengthen China Auto Rental’s scale advantage and leadership in the car rental industry.