[ET Net News Agency, 6 November 2017] Bank of China (03988) said the bank and Bank of
China (Hong Kong) Limited (BOCHK) entered into agreements in relation to the transfer of
the banking businesses operated by the bank in Vietnam through Bank of China Limited,
HoChiMinh City Branch; and the banking businesses operated by the bank in the Philippines
through Bank of China Limited, Manila Branch.
The proposed transfer will further expand the business reach of BOC Hong Kong (Holdings)
(BOCHK (Holdings)) (02388) and BOCHK into the ASEAN region, enhance Bank of China's
regional customer service capabilities, boost product innovation and market
competitiveness, and foster the accelerated growth of the bank in the ASEAN region.
Furthermore, the ASEAN market is of notable strategic significance to Bank of China. The
proposed transfers represent an important initiative allowing the Bank to seize the
business opportunities arising from, among other things, the "Belt and Road" initiative,
the internationalization of Renminbi and the "Going-Global" by Chinese enterprises, and
further achieving its international growth strategy through the optimization of the bank's
overseas presence and regional collaboration. (HL)