Santander and its Chinese strategic partner Bank of Shanghai completed the first cross-border one year working capital loan in the amount of RMB 440,000,000 to a corporate entity incorporated in the Shanghai Free Trade Zone (FTZ) in May this year.
This is the first cross-border loan involving an entity incorporated in Shanghai FTZ to both Santander and Bank of Shanghai, and signifies a key milestone of the strategic partnership of Santander and Bank of Shanghai, announced in December 2013.
The collaboration between various departments in both banks was key to win the deal and achieve it on time.
Shanghai FTZ was launched on 29 September 2013 and is the first free trade zone in mainland China being used as a testing ground for a number of economic reforms to create a preferential environment for foreign investment.