Nordic bank Glitnir yesterday signed a financial and strategic consulting agreement with the Chinese catering firm Fu Ji.
Glitnir will use its expertise in the international seafood market to help Fu Ji, the largest domestic catering services provider in Shanghai, to expand its business in China.
The agreement was signed at a reception in Shanghai hosted by the Iceland Business Forum in China and attended by President of Iceland, Olafur Ragnar Grimsson, who is visiting China for the Special Olympics.
Glitnir Bank will provide Fu Ji with the necessary consulting resources for strategic growth in the Chinese market through Glitnir‘s representative office in Shanghai. Fu Ji, which is listed on the Hong Kong stock exchange, serves more than one million meals every day in Shanghai.
Wei Dong, Chairman of Fu Ji Catering, said, “Our aspiration is to grow further and Glitnir is a key partner in that strategy. The bank has an excellent network and possesses expertise within the food industry and we intend to take advantage of that expertise. They also know the Chinese market well, so for us Glitnir is the ideal partner in taking this important step in our company’s history.”
Magnús Bjarnason, Glitnir’s Executive Vice President of International Banking, said, “The Chinese economy is being shaped by new entrepreneurs and it is of great importance for Glitnir to work closely with such people in our Chinese operations. Wei Dong is a perfect example of such an entrepreneur, who has built his company into the largest provider of chilled ready meals in China.”
Glitnir is a leading niche player in three global industry segments: seafood / food, sustainable energy and offshore services vessels as well as offering universal banking and financial services. The Glitnir group is based in Iceland and Norway but also operates in Sweden, Denmark, Finland, Luxembourg, Russia, US, Canada, China, the UK and the US.