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Ambow Education announces strategic cooperation with Bank of Beijing

Ambow Education announced that, on June 7, Beijing Ambow Online Software Co, the company's wholly owned subsidiary in China, entered into a strategic cooperation agreement with Bank of Beijing, Weigongcun Branch. Pursuant to the Strategic Cooperation Agreement, subject to entering into specific agreements, BOB plans to provide Ambow Online and its affiliates with comprehensive finance services, including providing credit line, financing service, financial consulting service, settlement service, cash management service and wealth management service. The initial term of the Strategic Cooperation Agreement is one year and shall be automatically renewed for successive one-year terms unless terminated by either party by providing 30 days' written notice prior to expiry.