BMA grants license for Bank of China
The Bahrain Monetary Agency (BMA) has granted a license to the Bank of China to establish a Representative Office in Bahrain.
The license was recently approved by Prime Minister of Bahrain and Chairman of the BMA Board, Shaikh Khalifa bin Salman Al Khalifa. The Bank of China Bahrain Representative Office is the first venture in the Middle East by a Chinese bank.
The Bank of China is a wholly state-owned commercial bank, regulated by the China Banking Regulatory Commission. It is the third largest bank in China. It was first established in 1912 and has assumed varying roles, including that of a central bank, before being transformed into a commercial bank in 1994.
The bank's total assets are in excess of $438 billion, while shareholders' equity is about $27 billion. Net operating profit for 2003 was $6.9 billion. With over 12,000 branches in China and 581 branches and investment companies in 26 countries, the bank is ranked 11th among the world's largest financial institutions.
The Bahrain Representative Office of the bank will provide general assistance to customers in Bahrain and the Middle East and North Africa (MENA) region and promote banking business and investment opportunities between China and the region. — (menareport.com)
© 2004 Mena Report (www.menareport.com)