The Bank of China (BOC) has established its first branch in Riyadh, Saudi Arabia, as part of a broader strategy to expand the use of yuan and deepen economic ties between China and Saudi Arabia. The branch, which officially opened on Tuesday, comes over two years after the Saudi Arabian government granted approval for the venture.
China's ambassador to Saudi Arabia, Chen Weiqing, highlighted this move as a testament to the positive developments in bilateral relations between the two countries and a "new stage" of financial cooperation. He also noted that China highly recognizes the financial regulations, investment environment, and geographical advantages of Saudi Arabia.
The BOC's branch in Riyadh is staffed by more than 20 employees, with a majority hired locally as per local authorities' requirements. The branch is licensed to provide basic commercial banking services to individual consumers and small- to medium-sized businesses, including deposit accounts, loans, mortgages, and yuan transactions.
This development marks the second Chinese bank to establish a presence in Saudi Arabia, following the Industrial and Commercial Bank of China (ICBC), which opened its first branch in Riyadh in 2015 and another in Jeddah earlier this year.
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