On January 12, Agricultural Bank of China ( "ABC") and China Petroleum & Chemical Corporation (the "Sinopec Group") held a strategic cooperation signing ceremony in Beijing. Main leaders of both parties including Mr. Xiang Junbo, Chairman of ABC, Mr. Zhang Yun, Vice Chairman and President of ABC, Mr. Su Shulin, President of the Sinopec Group, Mr. Liu Yun, Chief Accountant of the Sinopec Group attended the signing ceremony. Mr. Guo Haoda, Vice President of ABC and Mr. Li Chunguang, Vice President of the Sinopec Group, on behalf of the two parties signed the Strategic Cooperation Framework Agreement and the Cash Management Service Agreement. The signing of strategic cooperation agreements built a new platform for both parties to cooperate with each other in a more extensive, in-depth and lasting manner.
As the large state-owned enterprises, ABC and the Sinopec Group have outstanding advantages in their respective operating areas and maintained a good cooperation over years. According to the above agreements, ABC will provide the Sinopec Group with more all-round financial services and credit support, including such credit businesses as various loans, corporation overdraft, trade finance, transfer of credit assets, bond and bill transactions, bill acceptance and discount and the services like cash management, investment banking, personal banking, collection to the doorstep of gas station.
The signing of framework agreement between ABC and the Sinopec Group marks that the all-round strategic cooperation of both parties has entered into a new historical stage, which will certainly further bring both parties'  brand advantages and competitive edges in respective areas into full play, thus creating a new situation of "mutual benefits and common development" of both bank and enterprise.