BOC to boost fi­nan­cial ser­vices in Guangxi

China Daily (Hong Kong) - - BUSINESS - By JIANG XUEQING jiangx­ue­qing@ chi­

Bank of China Ltd said it has signed a co­op­er­a­tion agree­ment with the gov­ern­ment of the Guangxi Zhuang au­ton­o­mous re­gion to build an open fi­nan­cial gate­way to the Association of South­east Asian Na­tions.

The agree­ment was in ad­di­tion to an­other one signed on Thurs­day to deepen strate­gic co­op­er­a­tion be­tween the two sides.

On the same day, Bank of China (Hong Kong) Ltd, a sub­sidiary of BOC, signed a co­op­er­a­tion agree­ment with the mu­nic­i­pal gov­ern­ment of Nan­ning, cap­i­tal of Guangxi, on set­ting up the Hong Kong sub­sidiary’s South­east Asia business oper­a­tions cen­ter in the city.

The fourth-largest com­mer­cial lender by as­sets in the coun­try, BOC agreed to deepen fi­nan­cial re­forms in the re­gion, and sup­port local Chi­nese com­pa­nies that are ex­pand­ing glob­ally to pro­mote in­ter­con­nected in­fra­struc­ture projects in coun­tries and re­gions re­lated to the Belt and Road Ini­tia­tive.

Given its strate­gic lo­ca­tion, Guangxi serves as a valu­able bridge, con­nect­ing the main­land and ASEAN mem­ber states. By deep­en­ing the open­ing-up process in the re­gion, it hopes to serve as a cru­cial venue for the China-ASEAN Expo and trade and in­vest­ment sum­mits.

For its part, BOC has a long his­tory of co­op­er­a­tion with ASEAN mem­ber states. Since 1936, it has set up 48 branches and eight visa cen­ters in 10 ASEAN mem­ber coun­tries, pro­vid­ing cor­po­rate fi­nance and re­tail bank­ing ser­vices.

The bank’s fi­nan­cial ser­vices like pro­ject fi­nance, syn­di­cated loans and panda bond is­suance in the re­gion ben­e­fit a num­ber of sec­tors in­clud­ing en­ergy, telecom­mu­ni­ca­tions and trans­port.

At the end of June, BOC ex­tended more than 150 bil­lion yuan ($22 bil­lion) in credit across the ASEAN re­gion, up 22 per­cent year-on-year.

In 2017, BOC launched yuan-baht and yuan-dong cross-cur­rency trad­ing ser­vices in Guangxi, which help com­pa­nies and other agen­cies oper­at­ing in China, Thai­land and Viet­nam.

BOC’s Hong Kong unit serves as the largest off­shore ren­minbi clear­ing bank, which helps pro­mote the im­ple­men­ta­tion of ma­jor projects in ASEAN mem­ber states.

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