Zhongshan to open 'logistics bank' using cargo as collateral

7/6/2007 2:33:14 PM

THE Zhongshan Logistics Bank is set to become the first "logistics" bank to open in China, reports Logistics Week.   The bank has been jointly developed by Guangdong Development Bank, Guangtong Logistics Co., and another private investor in Zhongshan.   The president of Guangtong Logistics, Deng Heguang, said preparation work to open the Zhongshan Logistics Bank is nearing completion and the bank is expected to begin operations in August.   The logistics bank will enable companies that take their goods to market to use their price of "steady" goods or cargo as collateral to secure a loan, the report said.   It said that by providing additional funds to small and medium-sized companies in the form of loans, it is hoped that the industry will be able to expand its business. Asian Shipper News

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