Mizuho partners Bank of Communications

Japan's Mizuho Corporate Bank has formed a comprehensive tie-up with China's Bank of Communications. Under the arrangement, Mizuho's client companies entering the Chinese market will be able to receive yuan loans from Bank of Communications more easily. Mizuho will also buy accounts receivable held by Japanese firms against Chinese companies and sell them to Bank of Communications. The two banks will also co-operate in the areas of syndicated loans and in shortening the time required for remittance transactions.