Bank of China has become the first Chinese bank to open a premises in Middle East and North Africa, with the news that its representative office opened in The Diplomatic Area in Manama, Bahrain, on 1st July 2004.
Guo Jingsi, Chief Representative of The Bank of China Representative Office, said: 'The Middle East is a key market, and is currently China's fourth largest trading partner. We will be looking to develop the links between these two key emerging regions over the next few years, by promoting investment opportunities.'
'The Middle East is a new concept to us. We plan to study the market and will investigate the possibility and feasibility of upgrading our licence to include an Offshore Banking Unit (OBU) in the years to come.'
One of the Bank's principal objectives in Arabia is to drive business and investment opportunities between China and the region. Commercial exchange and investments between the two sides have increased significantly over the past two years as a result of China's continuous export offensive worldwide and a drive by the GCC countries to find new markets for their petrochemicals, aluminium and other products.
Earlier this month Chinese Premier Wen Jiabao met with visiting Kuwaiti Prime Minister Sheikh Sabah Al Ahmad Al Jaber Al Sabah, the current GCC rotating presidency, and a delegation of six GCC member countries' financial ministers and the GCC secretary general.
This joint visit to China was the first of its kind and is of great importance to bilateral relations, demonstrating that both sides have attached importance to the development and consolidation of their relations.
Bahrain Monetary Agency granted Bank of China their licence on the April 18, 2004; significantly, the 15-year anniversary of the Diplomatic Relationship between The Kingdom of Bahrain and The People's Republic of China.
The Bank of China has more than 11,609 branches in China, 549 overseas branches and subsidiaries in 27 countries and regions across the globe.
The Bank was also ranked 11th amongst the world's largest banks by tier-one capital by The Banker magazine and was named 'Largest Emerging Market Bank' by Euromoney.
Established in 1912, Bank of China has been a pioneer of banking industry innovation in China and remains a market leader in foreign currency deposits and loans, international trade services, foreign exchange trading, treasury and cards. In response to trends in the international banking industry, the bank has strengthened its foothold in commercial banking and insurance businesses.
Related Information
The Bank of China Bahrain Representative Office is located at Office 152 in Al Jasrah Tower in The Diplomatic Area in Manama. The office hours are 08.00 to 16.00 Sunday to Thursday. Representatives can be contacted on Tel: +973 17531119 or Fax: +973 17531009
Issued on behalf of The Bank of China by MICE Management WLL, the PR division of Contact Communications WLL, Bahrain. For further information, please contact Adrienne Walshe in Bahrain on Tel: +973 17540091 or Fax: +973 17540092.
Related website
Source: AME Info
