Digging together for Development
Successfully held the Signing Ceremony of Strategic Cooperation between Bayong Group and PICC
By Chief Finance Officer: Zhang Wei
Bayong Group and PICC successfully signed a strategic cooperation agreement on 4th February , signifies a super commencement for 2021. Yet, before 2017, the businesses between Bayong and PICC was mainly limited to some traditional area. Since 2017, the scope of cooperation between Bayong and PICC has expanded somewhat. In addition to engineering all risks insurance and construction accident insurance, Bayong and PICC have also developed bid bond insurance, performance bond, migrant workers' wage guarantee insurance, defect liability bond, migrant worker`s wage performance bond and defect liability bond has filled the gap of bank guarantees. In 2020, the total premium of Bayong Group paid to PICC is about 4.63 million Yuan.
Since 2018, Bayong won a project worth 350 million RMB in Ethiopia. The performance guarantee is issued by the Bank of China, and the advance payment guarantee is hampered due to the limit. Although the cooperation with PICC has not been finalized, PICC has however made tremendous efforts for this business for more than half a year. In addition to working with local banks that can accept PICC`s counter guarantee, we also specially invited internationally renowned agencies such as Willis, Aon and MMC at the same time, which made us deeply feel PICC`s endeavor .It is precisely because of this intersection of business that Bayong has laid a foundation for cooperation in other overseas projects: last year Bayong has been in touch with an EPC project in Ghana, and PICC has promoted the insurance business of this project through nearly two months of contact and communication. At present, an insurance company in South Africa showed interest in cooperating in the performance bond business of. Bayong firmly believes that there will be more and more cooperation prospects with PICC in overseas projects in the future.
Both sides will take this opportunity to establish a strategic cooperative relationship of resource sharing, complementary advantages, mutual benefit and win-win, so as to achieve common development for both sides!