PIL signed a Memorandum of Understanding (MOU) with the Singapore unit of Industrial and Commercial Bank of China (ICBC) and ICBC Finance Leasing.

The signing of the MOU allows joint cooperation in areas of shipping-related services and financial related services

This is a follow up on a recent financing lease with ICBC Financing Leasing for PIL’s four newly-built 12,000 TEU containerships with a contract of USD360 million.

Mr S.S. Teo, Managing Director of PIL said that the MOU will bring the partnerships to greater heights this year.

Local newspapers The Business Times and Lianhe Zaobao carried the news.

Business Times:
http://www.businesstimes.com.sg/government-economy/ie-spore-icbc-mou-to-power-one-belt-one-road-projects

Lianhe Zaobao:
http://www.zaobao.com.sg/finance/singapore/story20160608-626503