The Bank of Communications, one of China’s largest commercial banks, has opened a branch in Johannesburg, South Africa, the first branch established by the bank on the African continent, according to its headquarters in Shanghai.
As China and South Africa have deepened cooperation in the finance, trade and tourism sectors, the branch, opening on Friday local time, aims to provide comprehensive, convenient and high-quality financial services for clients of both countries, reports BSS.
The new branch has brought the total number of the bank’s overseas banking institutions to 23, which cover 18 countries and regions.
By the end of September, the asset value of these overseas banking institutions had exceeded 1.3 trillion yuan (about 198 billion U.S. dollars), accounting for more than 12 percent of the bank’s total assets, according to the headquarters.
This site uses Akismet to reduce spam. Learn how your comment data is processed.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.