The Kingdom of Saudi Arabia has issued its approval to Bank of China to open a new branch in the country, Reuters reported.

Reuters report is based on tweet by Saudi Arabia’s state news agency SPA.

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In the past few years, Chinese firms and banks have looked to expand their footprint in the country.

In 2015, Industrial and Commercial Bank of China (ICBC) started operations in Saudi Arabia with the opening of a branch in Riyadh.

The Riyadh branch rendered ICBC as the first Chinese bank to have retail presence in Saudi Arabia, adding to its four other branches in Dubai, Abu Dhabi, Doha and Kuwait.

Recent Developments by Chinese firms in other countries

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In September last year, Bank of China and IBM expanded their partnership to create a new innovation model for the financial industry.

In July, Chinese ride-hailing app Didi Chuxing launched banking services for its drivers in Brazil and Mexico in a bid to further bolster its presence in Latin America.

In May, Chinese regulators took over Inner Mongolia-based Baoshang Bank to manage its growing credit risks.

China’s digital-only lender WeBank also partnered with the Hong Kong University of Science and Technology (HKUST) to establish a joint laboratory to explore new evolving banking technologies.