8 BOC approved to setup local branch in Brunei



8BOC approved to setup local branch in Brunei

Apr. 20， 2016 （Xinhua） -- Brunei's central bank， the Autoriti Monetari Brunei Darussalam （AMBD） said that approval has been granted for Bank of China （Hong Kong） Limited （BOCHK） to establish a branch in Brunei.In a press release on its website， AMBD said that the BOCHK is incorporated in Hong Kong and is owned by the Bank of China Group （BOC）. It further explained that the BOC Group has been listed as the fourth largest bank worldwide in terms of Tier 1 Capital and the seventh largest bank in terms of assets， according to The Banker in 2015. AMDB views the establishment of a banking presence by BOCHK in Brunei as a positive boost for the local economy， in line with AMBD's strategic plan to welcome reputable f nancial institutions to operate in Brunei.