On the morning of June 13, 2023, Baowu and Standard Chartered Bank signed a memorandum of understanding on global strategic cooperation. The two sides will carry out cooperation in green and low-carbon development, international development, RMB internationalization and industrial finance. Zhu Yonghong, Chief Accountant and Secretary of the Board of Directors of Baowu, and Paul Skelton, Global Head of Corporate, Financial Institutions and Commercial Banking of Standard Chartered Bank, signed on behalf of the two parties.

Standard Chartered Bank is one of Baowu's earliest and longest-lasting foreign banks. Since 2002, the two sides have carried out in-depth and extensive cooperation in credit business, investment banking business, inter-bank business, global fund management and other aspects, and established a good long-term relationship of mutual trust and cooperation.

Standard Chartered's business in China focuses on the Belt and Road Initiative, cross-border payment investment, green investment and sustainable finance, which is highly consistent with Baowu's future development vision. At the high-level exchange meeting held in March 2023, the two sides reached the intention to sign a strategic cooperation agreement. After many discussions, the plan is to focus on green low-carbon, international development, RMB internationalization, industrial finance and other fields of cooperation, and detailed the specific cooperation intentions in various fields.

Zhu Yonghong pointed out in his speech that Standard Chartered Bank is a leading international bank with more than 100 years of history, and Baowu hopes to use Standard Chartered Bank's global network, especially in the layout advantages of the Belt and Road, innovative quality products and services and rich experience in ESG financing to further support Baowu's dual-carbon strategy and internationalization strategy development. It is hoped that the two sides will further strengthen exchanges and deepen cooperation on the basis of the original cooperation, and work together to achieve win-win results.

Mr Shao said Baowu had always been Standard Chartered's most important customer and partner. Standard Chartered Bank's admiration for Baowu lies not only in Baowu's scale and global market position, but also in Baowu's courage to actively assume responsibility and lead the green and low-carbon transformation of the industry. Baowu is actively carrying out its globalization strategy. Standard Chartered Bank has a stable network in emerging markets and is confident to provide a complete set of banking services for Baowu's overseas projects.Editor/Ma Xue