PRAGUE: Bank of China said on Monday it will open a branch in the Czech Republic, highlighting efforts by the two countries to boost business ties.
China's fourth biggest commercial bank already has branches in Poland and Hungary, and plans to boost business in the region, said Wenbo Hou, the head of the team setting up the Prague branch.
"Because CEE (central and east European) countries have big economic potential we will invest more in these countries," Wenbo Hou, the head of the preparatory team told reporters.
Chinese authorities are struggling to counter an economic slowdown that has unnerved domestic policymakers and foreign investors and driven sharp declines in global financial markets.
Wen said the Prague branch will open before the end of 2015. Before then, China's Hainan Airlines will launch the first direct flight link between Prague and Beijing in late September.
Czech President Milos Zeman has strongly supported more economic cooperation with China. He visited China last year and will return there next week as the most senior western representative at celebrations marking the end of World War Two in Asia.
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