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BOC Resumes Business in Malaysia
The business resumption of Bank of China in Malaysia is the concrete fulfillment of the understanding memorandum between China and Malaysia on November 1999 to set up banks in both countries.
Bank of China got approval from the National Bank of Malaysia in July this year to resume banking business in the country.
Based on an equal principle, the biggest commercial bank in Malaysia, Malaya Bank, will set up its branch in Shanghai.
The resumption of Bank of China in Malaysia will bring convenience for merchants from both countries and play an active role in boosting the bilateral trading as well as investment in both nations, said president of Bank of China Malaysian Branch Lin Yuande, who is also the director of United Industry and Commerce Chamber of China and Malaysia.
Bank of China has set up branches in some cities including Kuala Lumpur in Malaysia but ended business in the country because of a legal ban in March 1959 by Malaysian government.
Founded in 1912, Bank of China is a bank that has the longest history in China. It has been ranked the top 500 enterprises by Fortune magazine. (Panorama)
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