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People's Daily Online>>China Business

Agricultural Bank of China opens branch in Seoul

By Gu Jinjun (The Economic Daily)

16:57, February 23, 2012

Edited and translated by People's Daily Online

After preparation for more than two years, Agricultural Bank of China held the opening ceremony for its branch at Seoul recently. This is the first overseas operating agency established by the Agricultural Bank of China in northeast Asia.

So far, the Agricultural Bank of China has set up 10 overseas branches in eight countries and regions, and has established correspondent banking relationship with 1,365 banks in 111 countries and regions. The establishment of the Seoul branch marks new progress of overseas development strategy of Agricultural Bank of China, and provides an important support for the bank to expand business in Northeast Asia.

According to the relevant personage of Agricultural Bank of China, Seoul branch will fully rely on the resources advantage and capital strength of the head office of the Agricultural Bank of China to actively provide services to China-invested enterprises in Korea as well as local clients, to focus on business including company deposit, bank loan, bilateral loan, trade finance and international settlement etc., and to steadily open up local corporate finance project, so as to become a new bridge for financial exchanges and cooperation between the two countries.

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