PSBC, Yutong Group Ink Strategic Collaboration Agreement
PSBC, Yutong Group Ink Strategic Collaboration Agreement2013-11-04The Postal Savings Bank of China (PSBC) signed a strategic collaboration agreement with Zhengzhou Yutong Group Co., Ltd. (Yutong Group) in Zhengzhou, capital city of central China’s Henan Province, on October 18, 2013.
According to the agreement, the two sides will develop a long-term strategic collaboration relationship in which the PSBC will provide comprehensive crediting and financial services to Yutong Group, including cash management, foreign currency exchange, and business consultancy services.
Headquartered in Zhengzhou, Yutong Group is a large-scale industrial group mainly specializing in the bus business, and also covers some other strategic businesses such as construction machinery, automotive parts and components, real estate and so on. In 2012, Yutong Group delivered 55,456 units of large and medium-sized buses, construction machinery and special vehicles in total, a rise of 6.0 percent year-on-year.
Yutong Group's annual turnover reached 30.288 billion yuan (US$ 4.967 billion) up 17.1 percent compared to the previous year. It has continuously ranked first in China’s bus industry in terms of enterprise scale and sales performance.