Macau subsidiary will have a total registered capital of $1.6bn Credit: MasterTux from Pixabay.

Bank of China (BOC) has announced plans to create a wholly-owned subsidiary in Macau to strengthen its presence in the region.

BOC stated that the Macau subsidiary has received approval from China Banking and Insurance Regulatory Commission and China Macau SAR Government for the establishment.

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It will have a total registered capital of $1.6bn, which will be funded by BOC’s proprietary fund and BOC plans to hold 100% of the Macau subsidiary.

The new unit will cover the personal banking business and the local SME business and will be managed as a tier-1 subsidiary of BOC.

The lender added that the investment of $1.6bn does not include a connected transaction or material asset restructuring of the bank.

BOC said that the “Macau Subsidiary will work with Macau Branch to produce a synergy, which will construct a comprehensive service system that targets the Macau government, large domestic and foreign companies, local residents and SMEs, and covers services and products in many fields as diverse as commercial banking, asset management, insurance, fund, investment, and trust.”

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The Bank of China Macau Branch, formerly known as Macau Namtong Bank, was established in June 1950. It was renamed the Bank of China Macau Branch in 1987 making it the ninth overseas branch of BOC at that time

BOC’s largest overseas branch, Macau Branch holds a full banking license and provides corporation banking, personal banking, and related financial services in the special administrative region of China.