Volvo and Bank of China Co-operate in HD Vehicle Financing

GOTEBORG, Sweden, March 19, 2004 (PRIMEZONE) AB Volvo's subsidiary Volvo China Investment Co., Ltd. have signed a Master Co-operation Agreement with Bank of China in Beijing. The agreement was coordinated on Volvo's behalf by Volvo Financial Services.

According to the agreement, Bank of China will provide Volvo China and its branch and subsidiary companies with credit support including services such as short and long-term loans, guarantees, letters of credit, and other credit services. In addition, Bank of China will offer comprehensive financial services including cash management, settlement of foreign currencies, accounts receivable and other financial services.

The second part of the agreement concerns the creation of effective and competitive financing solutions for AB Volvo's dealers and customers. For example, customers may finance their purchase of products sold by the Volvo Group, namely Volvo Construction Equipment, Volvo Buses, and trucks branded with the Volvo, Renault and Mack trademarks.