Bank of China (BOC) opened its branch in Riyadh on Tuesday, more than two years after being given approval by the Saudi Arabian governmentChina’s ambassador to the kingdom, Chen Weiqing, pointed to the financial, investment and geographical advantages of Saudi Arabia
with both countries facing souring relations with the West.
Amid efforts by state banks to tap potential in the Middle East, BOC’s new branch has been licensed to provide basic commercial banking services to individual consumers and small- to medium-sized businesses, ranging from deposit accounts and loans to mortgages and yuan transactions. “As there are many Chinese companies entering the market in the region, being able to trade and make financial transactions using [the yuan] would encourage Chinese companies to invest in the area,” an unnamed BOC spokesman responsible for the project was quoted as having said.
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