Bank of China plans first branch in Riyadh

Bank of China is planning to open its first branch in Riyadh, Al-Eqtisadiah newspaper reported, citing Li Huaxin, China’s ambassador to Saudi Arabia.

“The bank is finalizing the paperwork and regulatory procedures required for the target launch,” Huaxin said.

Three years ago, the Industrial and Commercial Bank of China Ltd. (ICBC) was the first Chinese bank that launched operations in the Saudi capital.

A total of 150 Chinese firms are operating across the Kingdom, with 40,000 employees, he added.