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BOCHK Agrees To Buy Vietnam, Philippines Operations From Parent
As Asian operations are restructured, BOCHK has bought two banking operations from its parent organisation.
BOC Hong Kong Holdings, a unit of Bank of China, has agreed to acquire the Vietnamese and Philippine businesses from its parent for about $238 million, part of the lender’s restructuring of its Asia operations.
The proposed transfer is $152 million for the Vietnamese business
and P4.40 billion pesos ($85.9 million) for the Philippine
business, the bank said in a statement yesterday.
BOC is looking to widen is presence across Southeast Asia.
Earlier this year, BOC Hong Kong acquired the Indonesian and
Cambodian operations from BOC..
“The proposed transfers will help us provide better financial services to local customers and further expand our network in the ASEAN region. ASEAN markets are experiencing rapid growth with substantial development potential, particularly from the opportunities arising from initiatives such as the Belt and Road, RMB internationalisation and Mainland enterprises going global,” Yue Yi, vice chairman and chief executive of BOC Hong Kong (Holdings), said.
The HoChiMinh City Branch and BOC Manila Branch were established in 1995 and 2001 respectively.
