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Construction Bank Branches into South Africa
China Construction Bank, one of China's top four commercial banks, Friday announced that it now has four overseas branches as its branch in Johannesburg opened this month.
An official from the bank noted that its presence in South Africa is of great importance to the bank's development. He added that South Africa is one of the most advanced countries in Africa and China has been increasing investment in the country in recent years.
The bank also has branches in Hong Kong, Singapore and Frankfurt. Statistics from the bank show that by the end of this June, the Hongkong Branch had assets to the value of 10 billion Hongkong dollars.
The official noted that his bank pledged to expand its overseas business to increase its competitive edge on the international financial market and plans to establish overseas branches, subsidiaries and joint banks in major international financial centers in the near future.
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