Bank of America and Credit Suisse Arrange US$50 Million Commercial Paper Program For China National Cereals, Oils & Foodstuffs Import & Export Corporation.SAN FRANCISCO--(BUSINESS WIRE)--Aug. 28, 1995--Bank of America and Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. today announced they have arranged a $50 million U.S. commercial paper program for China's second largest state-owned trading company, China National Cereals, Oils & Foodstuffs foodstuffs npl → comestibles mpl foodstuffs npl → denrées fpl alimentaires foodstuffs food npl → Import & Export Corporation (COFCO). COFCO will use the proceeds from the program, its second U.S. debt issuance, to fund its trade financing activities. The program is supported by a Letter of Credit issued by Credit Suisse. The commercial paper is rated A1+/P1 by Standard & Poor's and Moody's Investor Services, respectively. Participants in the syndication are Credit Suisse, Hypo Bank, Sakura Bank, Banca Monte dei Pachi di Siena S.p.A., First National Bank of Boston, Banca Commercial Italiana, and CoBank. BA Securities Inc., BankAmerica Corporation's wholly-owned securities subsidiary, will be the sole commercial paper dealer. COFCO is a multi-national diversified diversified (di·verˑ·s corporation with a wide range of business activities and investments. In the last decade, COFCO has expanded its scope and has transformed itself into a company with holdings in hotel chains, highway construction, shipping lines, port management and food processing Food processing is the set of methods and techniques used to transform raw ingredients into food for consumption by humans or animals. The food processing industry utilises these processes. and manufacturing. In 1994, COFCO ranked second in terms of total trade volume of China's top trading firms, with imports totaling US$1.8 billion and exports of US$1.9 billion. It ranked number 342 among Fortune's global 500 world's largest corporations in 1994 and number 19 among Fortune's 22 world's largest trading corporations. Total sales for 1994 were US$10.9 billion, and assets were US$3.6 billion with a profit of US$127.5 million. BankAmerica has arranged U.S. commercial paper programs for a diverse group of international organizations, including public affiliated institutions, financial institutions, and private sector corporations. Earlier this year, BankAmerica arranged a $100 million U.S. commercial paper program for China's largest state-owned shipping company, China Ocean Shipping (Group) Company (COSCO COSCO China Ocean Shipping Company COSCO Colorado Scientific Company (Denver) ). BankAmerica is the second largest bank holding company in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. based on assets, with offices in 36 countries. It provides capital markets, credit and banking services to large corporations, nationally and internationally. Headquartered in Zurich, Switzerland, Credit Suisse is the oldest of Switzerland's three major banks. Internationally, it provides banking services to large commercial customers, private banking business, asset management and selected financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. through 74 foreign branches, representative offices and subsidiaries worldwide. CONTACT: Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Susan Clevenger Stanley, 415/622-4449 |
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