China, Saudi Arabia enter ‘new stage’ of financial cooperation as state-owned bank opens Riyadh branch
- Bank of China (BOC) opened its branch in Riyadh on Tuesday, more than two years after being given approval by the Saudi Arabian government
- China’s ambassador to the kingdom, Chen Weiqing, pointed to the financial, investment and geographical advantages of Saudi Arabia
China’s most internationalised state bank on Tuesday opened its first branch in Saudi Arabia in a move to expand the use of yuan amid a growing number of economic deals between the two countries.
Bank of China (BOC), one of China’s four biggest state-owned banks, opened its branch in Riyadh, the capital city of the oil-rich Middle Eastern country, more than two years after being given approval by the Saudi Arabian government.
The branch has more than 20 staff, with a majority hired locally – a condition requested by local authorities, a person with understanding of the matter told the Post.
It is the second Chinese bank to open a branch in Saudi Arabia after the Industrial and Commercial Bank of China (ICBC) opened its first branch in Riyadh in 2015. ICBC also opened a branch in the Saudi city of Jeddah in May.
It also shows that China highly recognises the financial regulations, investment environment, and geographical advantages of Saudi Arabia
China’s ambassador to Saudi Arabia, Chen Weiqing, said the opening of the branch was a result of positive developments in the bilateral relations between the two countries, and “new stage” of financial cooperation.
