AVL and CCB Sign Memorandum of Understanding

On July 30, 2020, AVL and China Construction Bank (CCB) signed a Memorandum of Understanding (MoU) via video conference to acknowledge and further strengthen the existing successful relations between AVL and China.

Due to the current situation, the signing ceremony was held via video conference and attended by Helmut List, CEO AVL, and Liu Guiping, President of China Construction Bank. The Memorandum of Understanding was signed on behalf of both parties by Yorck Schmidt, AVL Chief Financial Officer, and Ji Zhihong, Executive Vice President of China Construction Bank. This Memorandum of Understanding will further strengthen AVL's commitment to the Chinese market and its successful relations with China.

AVL has been active in the Chinese market since the mid 1970s and today has 10 branches and Tech Centers in China, including Beijing, Shanghai and Tianjin.

About CCB

Since its founding in 1954, China Construction Bank has developed into a major international commercial banking group. As of March 31, 2020, China Construction Bank recorded total assets of RMB 27.1 trillion and a net profit of RMB 80.98 billion. China Construction Bank ranks second among global banks by both total assets and Tier 1 capital. With nearly 15,000 bank branches in and outside China, China Construction Bank has more than 200 branches overseas, spread across 30 countries and regions.