The bank's move into the jurisdiction is part of a plan to widen coverage to all of the 10 ASEAN countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmark, Philippines, Singapore, Thailand and Vietnam), it said.

“BOCHK’s announcement as the first Chinese financial institution to establish a branch in Brunei Darussalam marks a new phase for the bilateral financial cooperation between Brunei Darussalam and China,” Gao Yan, vice minister of commerce of the People’s Republic of China, said at a meeting in Brunei earlier this week.

The bank has seen its fortunes improve in recent years. During 2015, profit attributable to shareholders rose to HK$23.969 billion ($3.09 billion), up from HK21.927 billion a year earlier. The results statement said that “private banking business achieved encouraging growth in both the number of clients and their assets under management”.