Agricultural Bank of China to set up branches in Macao, Hanoi

Updated 2018-01-03 17:00:20

Agricultural Bank of China Ltd announced on Tuesday that it has obtained regulatory approval for the establishment of branches in Macao and Hanoi, the capital of Vietnam.

With the two branches, the third-largest commercial lender by assets in China will give stronger support to the Guangdong-Hong Kong-Macau Greater Bay Area and the Belt and Road Initiative in key areas, such as infrastructure construction, agriculture, and economic and trade cooperation, by providing comprehensive cross-border financial services to Chinese and overseas corporate clients.

The latest move of Agricultural Bank of China came after the UK's financial regulators gave the green light in November for the lender to set up a branch in London.

An increasing number of Chinese commercial banks have expanded their global layout in recent years, with the growth in offshore investments by Chinese companies.

Last month, China Zheshang Bank Co Ltd, or CZBank, also announced that the Hong Kong Monetary Authority has granted a banking license to the Hangzhou-based and Hong Kong-listed commercial lender.

Shen Renkang, chairman of CZBank, said the Hong Kong branch will become a platform for the bank to explore international operation and financial innovation.

CZBank will rely on its Hong Kong branch to offer cross-border financial services, including settlement, financing and intermediary services, to import/export businesses, high-quality overseas companies, and the firms that expand their footprints globally.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58January 22 2019 22:54:38

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16January 22 2019 22:54:38

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18January 22 2019 22:54:38

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords