Bank of China opens branch in Saudi capital

Guests attend the inauguration ceremony of the Riyadh branch of the Bank of China (BOC) in Riyadh, Saudi Arabia, Sept. 5, 2023. (Xinhua/Wang Haizhou)

RIYADH, Sept. 6 (Xinhua) -- The Bank of China (BOC) opened its branch in Saudi Arabia's capital Riyadh on Tuesday to expand its financial service network in the Arab country.

Addressing the inauguration ceremony, Liu Jin, president of the BOC, said the establishment of the branch, serving as a conduit for trade and investment between China and Saudi Arabia, reflects a tangible commitment to advancing the comprehensive strategic partnership between the two countries.

Liu added that the BOC is steadfast in leveraging its global operation to continually enhance its worldwide service network, including in Arab countries, contributing substantially to deepening collaboration between China and Arab states.

Governor of the Saudi Central Bank Ayman Al-Sayari, for his part, said the opening of the BOC branch in Riyadh is a watershed moment in deepening practical cooperation between China and Saudi Arabia, expressing his country's unwavering support for the continued growth and sustainable development of the BOC in the kingdom.

At the ceremony, Chinese Ambassador to Saudi Arabia Chen Weiqing extended congratulations on the branch's opening, saying it represents a new step in financial cooperation between China and Saudi Arabia.

Saudi Deputy Minister of Investment Saleh Ali Khabti said the branch's establishment is a crucial step in catering to the pressing financial service needs of high-caliber clients from both nations, who are seeking services from Chinese banking institutions.

The minister expressed optimism in the branch's capacity to gain a strong foothold in the local market, ensure stable operation, and facilitate bilateral investment collaboration.

With the launch of the Riyadh branch, the BOC now operates and provides financial services across 64 countries and regions worldwide.