Bank of China opens branch in Vientiane
Bank of China opens branch in Vientiane
The Bank of China has opened a branch in Vientiane to boost economic exchange between China, Laos and other Asean countries, while particularly contributing to economic development in Laos.
The bank's Vice President conveyed his confidence in China-Laos business relations during the opening ceremony of the bank in Vientiane on Thursday.
“By attaching great importance to business development in Laos, the Bank of China sees the opening of the Vientiane branch as a new start, and will make full use of the group cross-border service advantages,” Mr Li Zaohang said.
“This will also make full use of the diversified professional service abilities to provide all-round financial services for all the friends from Laos and China,” he added.
The Bank of China was formally established in February 1912. Thirty-seven years after its establishment, the bank served consecutively as China's central bank, international exchange bank, and specialised international trade bank.
At present, the bank provides a comprehensive range of financial services to customers across 42 countries (including Laos) and regions in every continent, and has correspondent banks in 180 countries.
In 2014 the total overseas assets of the Bank of China were US$745.07 billion, which accounts for 27.4 percent of the bank's total assets. The profit before tax was US$8.66 billion, or around 23 percent of total profit before tax.
Mr Li Zaohang said the bank would strongly support the economic and social development of Laos, and play a positive role in economic and financial cooperation between Laos and China, and between Asean and China.
With regard to the Lao econ omy, he said economic development was growing rapidly this year and society maintained stability, while economic cooperation between the two countries was becoming more intimate.
“The Vientiane branch of the Bank of China will cooperate with national strategies, give top priority to corporate finance, make full use of domestic and international customers and business advantages, make a big push in the area of international settlement and trade finance, and actively carry out cross border renminbi (RMB) business,” Mr Li Zaohang said.
The Bank of China is the only financial institution from China or any emerging economy to be recognised consecutively as a Global Systematic Financial Institution for four years since 2011. The bank has been listed in the Fortune Global 500 companies for 26 years, and ranked seventh in the Banker's ‘Top 1000 World Banks' in 2014.
The new Bank of China branch is located in the new Vientiane Centre development on Khouvieng Road on the site of the former Nongchan marsh.
