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Bank of China plans global expansion: report
editor:admin  |  CopyFrom:Xinhua 2011-7-5  |  UpdateTime:2011-07-08  |  hits:
BEIJING, July 5 (Xinhua) -- Bank of China Ltd (BOC), one of the big four state-owned Chinese banks, will continue to expand its overseas network, despite becoming much more reliant on the domestic market in recent years, China Daily reported Tuesday.

"By 2020, we expect to become a truly world-class bank," the report quoted BOC president Li Lihui as saying.

Board members have made overseas business a strategic priority, and the lender will further expand its branch network worldwide while considering acquisition opportunities prudently, the report said.

The priority of setting up new overseas branches will be Asia in the next half year, Li told the newspaper, without mentioning any specific country or region the bank is eyeing. In the first half of 2011, the bank had set up more than 20 institutions abroad, the report said.

As the most internationalized Chinese bank, by the end of 2010, BOC had overseas assets totaling 351.6 billion U.S. dollars. That's four times more than Industrial and Commercial Bank of China Ltd (ICBC), the world's biggest bank by market value, and eight times more than China Construction Bank Corp (CCB), the world's second-largest, the report said.

The bank has also formed a "prominent" competitive advantage in international clearing and settlements, cross-border RMB business, and services facilitating Chinese enterprises to explore overseas opportunities, the report said.

By the end of 2010, BOC's total assets amounted to 10.5 trillion yuan, up 19.51 percent from a year earlier.

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