Bank of America and Credit Suisse First Boston arrange US$100 million commercial paper program for China's largest textiles trading company.

NEW YORK--(BUSINESS WIRE)--June 9, 1997--Bank of America and Credit Suisse First Boston today announced they have arranged a $100 million U.S. commercial paper program for Chinatex Capitals, Inc., a wholly-owned subsidiary of China National Textiles Import & Export Corporation (Chinatex). Chinatex has been China's main channel for importing and exporting textiles over the last 46 years.

Credit Suisse First Boston issued a letter of credit to support the commercial paper program, which is rated A1+/P1 by Standard & Poor's Ratings Group and Moody's Investors Service, Inc. respectively. Participants in the letter of credit facility are Credit Suisse First Boston, Banca Monte dei Paschi di Siena S.p.A., Bank of Tokyo-Mitsubishi, the Dai-Ichi Kangyo Bank, Ltd., HSBC Corporate Banking, Sakura Bank, Ltd., Banque Brussels Lambert, Banco Central Hispanoamericano S.A., Banca CRT S.p.A., CoBank, and Comerica Bank. Chinatex will use the proceeds from the commercial paper program, its first U.S. debt issuance, to finance its international trade business activities.

BancAmerica Securities, Inc., BankAmerica Corporation's wholly-owned securities subsidiary, and First Chicago Capital Markets, Inc., a wholly-owned securities subsidiary of the First Chicago NBD Corporation, are the commercial paper dealers. The First National Bank of Chicago is the issuing and paying agent.

Established in 1951, Chinatex is one of the largest foreign trade corporations under the Ministry of Foreign Trade and Economic Cooperation (MOFTEC) of the People's Republic of China. Chinatex is considered to be one of that country's "Big Four Chinese Import/Export Window Companies (along with Sinochem, COFCO and Minmetals). During 1996 alone, the Company contributed approximately $3 billion of import and export value to China's growing economy, placing it among the top companies in China as the sixth largest in combined import/export volume and the second largest in export-only volume.

Chinatex specializes in importing and exporting all kinds of textile raw materials, textile finished products/semi-finished products such as garments, knitwear, and other imports and exports. It operates through 14 subsidiary companies and over 34 overseas enterprises in more than 20 countries, as well as through its network of over 20 domestic branches in China's major provinces and cities. The Company has established trade relationships with more than 170 regions and countries in the world and nearly 7,000 client companies.

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.

BankAmerica is the third largest bank holding company in the United States based on assets, with offices in 37 countries. It provides capital markets, credit and banking services to large corporations, nationally and internationally.

Effective January 1, 1997, Credit Suisse First Boston became the successor to the institutional asset management and global corporate and investment banking business of Credit Suisse Group (formerly CS Holding), and of its principal international banking subsidiary, Credit Suisse, the oldest of Switzerland's three major banks. Banking operations of Credit Suisse in the United States began in 1940 and are currently conducted through branches of Credit Suisse First Boston in New York and Los Angeles, and a representative office in Chicago. Credit Suisse First Boston is a Swiss bank subject to regulation by the Swiss Federal Banking Commission and the Swiss National Bank.

Total regulatory capital of Credit Suisse First Boston approximated SFr15 billion at the year end 1996. Credit Suisse First Boston intends to maintain its position as one of the most productive, secure and profitable banks in the world.

CONTACT: Bank of America 

Nerys Williams, 852/2597-3389 (Hong Kong)

Mercedes Moraza, 212/503-7380 (New York)

Susan Stanley, 415/622-4449 (San Francisco)