Bank of China (Hong Kong) (BOCHK) has been granted approval to open a new branch in Brunei Darussalam, becoming the first Chinese bank to do so.
BOCHK deputy CEO Lin Jingzhen said: "BOCHK is pleased to obtain approval from the regulatory bodies in Brunei Darussalam and Hong Kong to become the first Chinese bank to establish a presence in Brunei Darussalam.
"We are now in full swing in the preparations for a branch opening, which will inject new dynamics into the development of Brunei Darussalam’s financial sector."
The opening of the Brunei branch forms part of the bank’s move to expand footprint in the Southeast Asian market, Bank of China said in a statement.
The bank said that the launch of the Brunei branch will be in line with the national Belt and Road initiative, and will also help the bank to expand presence to all of the ten ASEAN countries.
BOCHK operates with about 260 branches, providing various financial, investment and wealth management services to personal, corporate, SME and institutional customers.