March 11, 2012 / 6:56 AM / 6 years ago

Bank of China to boost support for Phoenix TV -Xinhua

BEIJING, March 11 (Reuters) - Hong Kong-based Phoenix Satellite Television Holdings Ltd will receive an unspecified level of financial support from Bank of China Ltd to boost the development of China’s cultural industry, Xinhua news agency reported on Sunday.

It said the two companies signed an agreement on March 9 to strengthen cooperation in corporate banking, personal banking and investment banking businesses.

No financial terms were disclosed.

“BOC will offer high-quality financial services to Phoenix TV to help it become a world-class media group,” BOC President Xiao Gang said in a statement on the bank’s website.

The report said that as of the end of December, Bank of China, the country’s third-largest lender, had extended 32 billion yuan ($5.1 billion) in loans to more than 1,700 cultural companies.

Beijing leaders have made a political priority of increasing China’s so-called “soft power” around the world, in part by fostering an understanding of Chinese culture and through multilingual distribution of Chinese media.

$1 = 6.3107 Chinese yuan Reporting by Ken Wills; Editing by Daniel Magnowski

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