Shanghai (ZXZC)- China's state-owned automaker FAW Group signed strategic cooperation agreements with 16 banks which intend to grant credit extension totaling RMB1.015 trillion to the company, according to FAW Group's official WeChat account.

The 16 banks are China Development Bank, China Construction Bank, Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of Communications, Postal Savings Bank of China, China Merchants Bank, SPD Bank, China Minsheng Bank, China Everbright Bank, China CITIC Bank, Industrial Bank Co.,Ltd, Ping An Bank, China Guangfa Bank, Bank of Jilin.

The specific amount of credit extension from each bank still remains uncovered now.

FAW Group said the agreement will further step up the cooperation with banks and is also a crucial step to build an open and innovative financial platform. The credits granted this time will provide the group with strong support to develop businesses in the future.

Besides, the automaker said it will cooperate extensively with the banks mentioned above in such fields as financing, cash management, international finance, new energy, intelligent connectivity and development of its premium car brand Hongqi.

Last year, FAW Group gained RMB 469.8 billion in annual revenues and sold around 3.346 million vehicles in total. It owns such car brands as Hongqi, FAW Jiefang, FAW-Volkswagen, FAW-Toyota and FAW Car, etc.