Bank of China, one of the largest State-owned financial institutions in China is expected to open a branch in Colombo this year, its first in South Asia, a spokesman said yesterday.
The banking authorities are in contact with the Sri Lankan authorities to finalize the process. A Chinese embassy spokesman told Daily Mirror that it would be opened with an initial capital of US$90 million. He said the bank’s presence in Colombo would facilitate Sri Lanka’s financial transactions with China.
It has overseas branches in the United States, Canada, South Africa, Kenya and the United Kingdom.
Sri Lanka assured cooperation with China’s One Belt, One Road’ initiative and is currently developing a financial and logistics hub in the Indian Ocean. (Kelum Bandara)