China's Bank of Communications opens Prague Branch

2019-05-21 02:20:02 GMT2019-05-21 10:20:02(Beijing Time) Xinhua English

PRAGUE, May 20 (Xinhua) -- Bank of Communications (BoCom), one of China's largest commercial banks, launched a branch here on Monday as it plans to step up its support to Chinese investment in Europe.

The Prague branch is BoCom's 23rd overseas banking institution and the first one in Central and Eastern Europe from BoCom Group. The services provided by the Prague Branch will include account services, corporate financing services, international settlement and trade financing services, and treasury services.

Ren Deqi, President of BoCom, said at the opening ceremony that in recent years, Sino-Czech cooperation has achieved fruitful achievements in the areas such as trade, finance and tourism. The BoCom is willing to make active contribution to the further deepening of economic and trade development between the two countries.

Financial cooperation is an important part of bilateral cooperation, said Zhang Jianmin, the Chinese Ambassador to the Czech Republic at the opening ceremony, adding that the establishment of the BoCom in Prague is the latest achievement in the bilateral cooperation in the financial sector.

So far, three Chinese banks, including the Bank of China, the Industrial and Commercial Bank of China, and the BoCom have successively established their branches in the Czech Republic.

Tomas Nidetzky, deputy governor of the Czech National Bank, welcomed the arrival of the BoCom Prague branch at the opening ceremony.