BEIJING: Bank of China Ltd (BoC), the country's fourth-biggest lender by assets, said late on Thursday it was transferring its banking businesses and assets in Southeast Asia to its Hong Kong arm to further expand in that region.
The bank will sell the entire issued share capital of Bank of China (Malaysia) Berhad and Bank of China (Thai) Public Company Ltd to Bank of China (Hong Kong) Ltd, the bank said in a stock exchange filing.
"The ASEAN market is of notable strategic significance to the Bank," BoC said, adding that the transfers would allow it to better capitalise on the Chinese government's modern Silk Road initiative, the internationalisation of yuan, and Chinese companies' overseas push.
The bank did not provide additional information about the proposed transfers.
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