Global Logistic Properties enters strategic partnership with Bank of China
Published on Mar 3, 2014 11:38 AM
Global Logistic Properties (GLP) said on Monday it has signed a strategic partnership agreement with Bank of China, under which the bank will provide supply chain financing to the Singapore-listed warehouse owner's customers.
GLP and Bank of China will also work together to lower logistics costs for their customers, which will drive demand for GLP's logistics facilities from Bank of China and its customers, GLP said in a statement.
This comes after a unit of Bank of China, together with other Chinese state-owned enterprises, invested US$2.5 billion in GLP last month.
Describing the strategic partnership as a "win-win" arrangement, GLP co-founder and chief executive officer Ming Z. Mei said the tie-up "provides a one-stop logistics platform for GLP customers as they can now simultaneously access our best-in-class facilities and the best supply chain financing".
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