Carmaker Geely seeks $1bn loans to buy Volvo

Geely, the Chinese carmaker picked as the preferred bidder for Ford Motor’s Volvo unit, is seeking at least $1bn (£602m) in loans from Chinese banks to finance its $1.8bn bid, sources said yesterday. Geely, which means “lucky” in Chinese, is hungry for modern and innovative technologies from the Swedish brand to upgrade its car line up and tap the car market in China, the world's biggest. At least three major Chinese banks including Bank of China, China Construction Bank and Export-Import Bank of China have agreed to extend loans to Zhejiang Geely Holding Group, said the banking sources briefed on the plan.