<strong>China: Provincial Corporation Signs Cooperation Pact with Postal Administration, Bank</strong>

Source from:  TobaccoChina Online 09/23/2013

Hubei Provincial Tobacco Corporation in central China's Hubei Province recently signed in the provincial capital city of Wuhan a trilateral business cooperation agreement with Hubei Provincial Postal Administration and Hubei Branch of China Postal Savings Bank, in efforts to facilitate tobacco production and trading in the province.

Under the agreement, the postal savings institutions at all levels in Hubei will make a full use of the advantage of their outlets in urban and rural areas across the province to provide service for cigarette retailers in the province, to practically solve problems and difficulties in deposit and settlement by cigarette retailers in remote rural areas, to assist Hubei Provincial Tobacco Corporation in realizing electronic settlement of payment for cigarette trade in the province, to enhance the core competitiveness of the tobacco industry of Hubei, and to promote development of the local economy.

At the signing ceremony, Hubei Provincial Tobacco Corporation fully affirmed the cooperation extended by the postal savings institutions at all levels in Hubei Province in settlement of payment for cigarette trade with POS machines, in escrow collection and payment in inter-bank settlement, in escrow payment in leaf tobacco purchase, etc over a previous period of time. Meanwhile, it expressed high expectation about and full confidence in follow-up trilateral cooperation, saying that after the signing of the agreement on a new round of strategic cooperation, the three sides will be able to promote their trilateral cooperation in sustainable and in-depth way.

Hubei Hubei Provincial Postal Administration and Hubei Branch of China Postal Savings Bank both expressed sincere thanks to Hubei Provincial Tobacco Corporation for its high degree of affirmation and business support, saying that the postal savings institutions at all levels in Hubei Province will, on the basis of existing business cooperation, continue to do a good job of providing financial service for settlement of payment for cigarette trade on the part of both tobacco companies and all cigarette retailers. Enditem