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Message: <blockquote data-quote="monson" data-source="post: 20517640" data-attributes="member: 30005">China’s No. 2 bank here soon: Will Be It's South Asia's HQ<img src="http://www.ceylontoday.lk/image_article/flash-07-08-2016-8.jpg" alt="" class="fr-fic fr-dii fr-draggable " style="" />By Sulochana Ramiah MohanThe Bank of China, the fifth largest bank in the world by market capitalization, and the second largest overall lender in China, will be established in Colombo to operate as its South Asian Headquarters.The Bank of China is also the most globally-active of all China's banks and is China's most internationalized and diversified bank.It serves customers across the Chinese mainland as well as in 41 countries and regions and has hitherto not had any branch in South Asia. A Colombo Chinese Embassy official said a delegation had come from China to finalize plans to shortly ...establish the Bank of China in Colombo. It will however, transfer to the Port City when the project is completed.The Chinese Embassy official told Ceylon Today that the Bank of China will be fully commissioned to provide banking solutions for the many Chinese projects which are in the pipeline.Established in February 1912, the Bank of China was converted into a wholly State-owned commercial bank in 1994.The bank's website states that with new historic opportunities, the Bank will make further contributions to achieving the China Dream and the rejuvenation of the Chinese nation.The Bank was listed on the Hong Kong Stock Exchange and the Shanghai Stock Exchange in June and July 2006 respectively, becoming the first Chinese commercial bank to launch an A-Share and H-Share initial public offering and achieve a dual listing in both markets. In 2014, the Bank of China was designated a Global Systemically Important Bank, becoming the sole financial institution from emerging economies to be designated as a Global Systemically Important Bank for four consecutive years.When the government was accelerating the implementation of ongoing Chinese projects, China responded positively to Sri Lanka's development plans recently and both sides recognized that China's 'Going Abroad' strategy and Sri Lanka's very favorable location on the Maritime Silk Road provided a strong basis for strengthening Sino-Lanka economic relations.The mega Port City Project, the Hambantota Port, the Mattala Airport Project, the Hambantota Industrial Zone, Polonnaruwa Water Purification Project besides several hotel projects such as Shangri-La Hotel Colombo, to name a few, have been awarded to China.There will be more Chinese investors in Sri Lanka and this bank will provide banking solutions for all Chinese ventures in Sri Lanka, the Chinese Embassy official said.He said there are Sri Lankans who are doing business in China and the Bank of China in Colombo will enhance financial services for them at the Colombo end.With the revival of the Mattala Airport, the Hambantota Port and the Hambantota Industrial Zone, there will be more Chinese workers and tourists here and this bank will be a boon to travellers too, he added.He said the Mattala Airport would attract more airlines and felt confident China would be able to honour all her commitments to Sri Lanka.- <a href="http://www.ceylontoday.lk/print20160701CT20161030.php?id=3955" target="_blank">http://www.ceylontoday.lk/print20160701CT20161030.php?id=3955</a></blockquote>

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