GOTEBORG, Sweden, March 19, 2004 (PRIMEZONE) -- AB Volvo's subsidiary Volvo China Investment Co., Ltd. have signed a Master Co-operation Agreement with Bank of China in Beijing. The agreement was coordinated on Volvo's behalf by Volvo Financial Services.
According to the agreement, Bank of China will provide Volvo China and its branch and subsidiary companies with credit support including services such as short and long-term loans, guarantees, letters of credit, and other credit services. In addition, Bank of China will offer comprehensive financial services including cash management, settlement of foreign currencies, accounts receivable and other financial services.
The second part of the agreement concerns the creation of effective and competitive financing solutions for AB Volvo's dealers and customers. For example, customers may finance their purchase of products sold by the Volvo Group, namely Volvo Construction Equipment, Volvo Buses, and trucks branded with the Volvo, Renault and Mack trademarks.
March 19, 2004
For further information, please contact, David Freilich, Volvo Financial Services, +1 201 8027706
The Volvo Group is one of the world's leading manufacturers of trucks, buses and construction equipment, drive systems for marine and industrial applications, aerospace components and services. The Group also provides complete solutions for financing and service. The Volvo Group, which employs about 76,000 people, has production facilities in 25 countries and sells their products in more than 185 markets. Annual sales of the Volvo Group amount to 18 billion euro. The Volvo Group is a publicly-held company headquartered in Goteborg, Sweden. Volvo shares are listed on the stock exchanges in Stockholm, London and Frankfurt and on Nasdaq in the US.
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