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Bank of China opens new branch in southern Malaysia

Source:www.chinaview.cn       Updated:08-07 19:49

KUALA LUMPUR, Aug.7 (Xinhua) -- The Bank of China (BOC) opened a branch in Muar in southern Malaysia's Johor State on Friday.

It is the first time that BOC opened its branch in the other part of Malaysia since its subsidiary Bank of China (Malaysia) Bhdfully resumed its operations as a commercial bank in December 2000in the country.

The opening of BOC's Muar Branch was one of the results of the efforts made by the Malaysian Government recently to further liberalize the local financial market, said General Manager Zheng Jinbo of Bank of China (Malaysia) Bhd.

It was also the efforts made by BOC to serve better as a "financial bridge" between China and Malaysia, he said at the opening ceremony of the branch in Muar.

He hoped that the opening of Muar Branch would bring tangible benefits to local people and businessmen.

BOC once established its first branch in Malaysia's Penang Cityin 1939, and then later, four branches in other four cities respectively, including Kuala Lumpur and Ipoh in the Perak State.

ASEAN is China's fourth largest trade partner after the European Union, the United States and Japan. In 2008, bilateral trade between China and ASEAN totaled 231.1 billion U.S. dollars, up 14 percent from 2007.

All the five branches ceased operation in 1959 due to the historical reasons, Zheng said.

 

Editor: Zhang Xiang