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Bank of China starts India operations

Bank of China has started its India operations with a first branch in Mumbai. The is one of the 4 largest state-run commercial banks in China. The bank said in a statement the launch in India comes after a series of successful meetings between Indian prime minister Narendra Modi and Chinese president Xi Jinping in 2018 to strengthen the strategic engagement between the 2 countries. The bank started its operations to facilitate financial transactions related to corporate banking in India. The 107-year-old bank has been designated as a Global Systemically Important Bank for 8 consecutive years. The bank had signed a memorandum of understanding with State Bank of India to facilitate corporate clients of both the banks to access each other’s banking products and services, which will lead to a mutually beneficial relationship.

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