PwC & China Development Bank help reconstruct Christchurch

28 September 2011

PwC signs Memorandum of Understanding with China Development Bank to help with the reconstruction of Christchurch

PwC (formerly known as PricewaterhouseCoopers) is pleased to announce it has signed a Memorandum of Understanding (MoU) with China Development Bank (CDB).

The MoU was signed at Premier House, Wellington today by President of CDB Shanghai Branch GUO Lian and PwC Chief Executive Officer Bruce Hassall. On hand to witness the signing was Chinese Vice Premier HUI Liangyu and New Zealand Deputy Prime Minister Hon. Bill English.

Mr Hassall believes China will be an increasingly important source of funding for New Zealand businesses and infrastructure projects and the MoU will enhance PwC’s market leading position working with New Zealand and Chinese businesses to facilitate investment and trade and is a genuine win win for all parties.

“Signing this MoU is a landmark event in continuing to strengthen the relationship between PwC and CDB. CDB is committed to helping investment and development in New Zealand and particularly assisting with the reconstruction of Christchurch,” says Mr Hassall.

Mr Hassall adds “today’s signing signals the first step on what we at PwC believe will be a constructive and positive path for the benefit of Christchurch businesses and the wider New Zealand economy.”

By signing the MoU, PwC and CDB have agreed to cooperate on major development projects with particular emphasis on reconstruction and investment in the Canterbury region of New Zealand following the Canterbury earthquakes, as well as in agriculture, infrastructure, natural resources and finance.

About PwC
PwC firms provide industry-focused assurance, tax and advisory services to enhance value for their clients. More than 161,000 people in 154 countries in firms across the PwC network share their thinking, experience and solutions to develop fresh perspectives and practical advice. See pwc.com for more information.

About CDB
The CDB was founded in 1994. In 2008, CDB was reorganised into China Development Bank Corporation with registered capital of 300 billion RMB (Renminbi). CDB is dedicated to support the State’s major development strategies by medium-term and long-term credit and investment financial services. The CDB is the largest development financial institution, and is also the largest bank in foreign investments and financial cooperative initiatives in China.

ENDS

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