Bank of China Opens Branch in Manila

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Last updated at: (Beijing Time) Monday, January 28, 2002

Bank of China Opens Branch in Manila

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Bank of China, one of the biggest commercial banks in China, opened a branch in Manila Monday. With the opening of the Manila branch, the overseas network of the oldest bank in China now extends to 25 countries and regions around the world.

The bank has been listed in Fortune 500 for the past 12 consecutive years.

The opening of the Manila branch will be a boost to the bilateral cooperation in economic, financial and trade fields between China and the Philippines, Branch General Manager Zhang Baoxi said at an inauguration ceremony held Monday morning.

Chinese Ambassador Wang Chungui and Chairman and President of the Bank of China Liu Mingkang also delivered congratulatory speeches at the ceremony at the branch office located in Makati, the commercial and financial center of the Philippine capital.

Also present at the ceremony are visiting Chinese State Councilor Wang Zhongyu and Jose de Venecia, speaker of the House of Representatives of the Philippines.

Bank of China, established in 1912, has over 14,000 domestic branches and more than 500 overseas branches, and its business areas cover corporate, retail and investment banking services.

The bank's total assets amounted to RMB 3,168 billion yuan (about 364 billion U.S. dollars) and its total liabilities RMB 3,004.5 billion yuan (about 345 billion dollars) by the end of the year 2000.

Its foreign currencies deposit accounts for 58.4 percent of the domestic market share and that of its foreign currencies loans 53.9 percent.

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