Geely taps China banks to back Volvo deal -sources

Newswire

HONG KONG, Dec 1 (Reuters) - Geely, the Chinese carmaker tagged as the preferred bidder for Ford Motor's Volvo unit, is seeking at least $1 billion in loans from Chinese banks to finance its $1.8 billion bid, sources said on Tuesday. At least three major Chinese banks including Bank of China, China Construction Bank and Export-Import Bank of China have agreed to offer loans to Zhejiang Geely Holding Group, said the banking sources briefed on the plan. Export-Import Bank of China is a ...

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