Wednesday, 17 July 2024
Bank of China (Hong Kong) granted approval to set up a branch in Brunei Darussalam
Bank of China (Hong Kong) Limited (“BOCHK”) is pleased to announce that it has been granted approval to set up a branch in Brunei Darussalam. As a leading listed commercial banking group in Hong Kong, BOCHK is now proactively expanding into the Southeast Asian market to drive its transformation into a regional bank.
Brunei Darussalam, one of the important countries along the Belt and Road route, is politically stable and strategically located with well-developed infrastructure. The establishment of BOCHK’s branch in Brunei Darussalam will not only align with the national Belt and Road initiative, but also help facilitate Bank of China Group to extend its network coverage to all of the ten ASEAN countries, enhancing its overall service capabilities in the region.
Ms Gao Yan, Vice Minister of Commerce of PRC said at the 4th Brunei Darussalam – China Consultative Meeting on Trade, Investment and Economic Cooperation (COMTIEC) held in Brunei Darussalam on 18 April, “BOCHK’s announcement as the first Chinese financial institution to establish a branch in Brunei Darussalam marks a new phase for the bilateral financial cooperation between Brunei Darussalam and China. We look forward to the opening of BOCHK’s branch in Brunei Darussalam to help promote the economic and trade cooperation between the two countries.”
Mr Lin Jingzhen, Deputy Chief Executive of BOCHK, attended the same meeting and said, “BOCHK is pleased to obtain approval from the regulatory bodies in Brunei Darussalam and Hong Kong to become the first Chinese bank to establish a presence in Brunei Darussalam. We are now in full swing in the preparations for a branch opening, which will inject new dynamics into the development of Brunei Darussalam’s financial sector.”
Re-disseminated by The Asian Banker
