BEIJING, Aug. 24 (Xinhua) -- The Bank of China (BOC) announced on Monday that it will establish a branch in Macao and has already received the approval from the China Banking and Insurance Regulatory Commission (CBIRC) and the Macao government, reported by Beijing Business Today.
It is reported that the BOC will hold 100 percent of the shares of the Macao branch with registered capital reaching 13 billion patacas.The business of the Macao branch includes personal financial services and local SME financial services.
According to the bank, a governance structure will be set up in the Macao branch in accordance with the regulations of the regulatory agencies in China and Macao, and will be managed as a first-level wholly-owned subsidiary of the bank.
(Edited by Gao Jingyan with Xinhua Silk Road, gaojingyan@xinhua.org)
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