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Bank of China's Hungarian arm accesses 500 mln euros in bond issue

Xinhua, June 26, 2015 Adjust font size:

The Hungarian arm of Bank of China Ltd announced on Friday that the inflow from the 500 million euros worth of 3-year unsecured bonds the bank is issuing will be used primarily to upgrade businesses in Hungary.

Chen Huaiyu, CEO of the Hungarian branch of the bank, said that inflow from the bonds would support the development of chemical company BorsodChem, a member of the Chinese Wanhua group, which is China's largest investment in Central and Eastern Europe, and Hungary's electricity company MVM, as well as several other businesses.

Chen called the successful bond issue a demonstration of the high level of confidence international investors have in the future economic progress of Hungary and Central and Eastern Europe, expressing hope that China-proposed Belt and Road initiative would trigger huge development opportunities in the region.

The bond issue was an important step in implementing the Memorandum of Understanding signed between the governments of China and Hungary, giving construction of the Belt and Road Hungary's official go-ahead.

The Hungarian arm of the Bank of China plans to accelerate the development of its Central European organizations promoting the realization of new investment plans in the region by Chinese businesses. Enditem