China’s Bank of Communications opens first branch in Africa

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SHANGHAI, Nov. 21, 2020 (BSS/Xinhua) – The Bank of Communications, one of China’s largest commercial banks, has opened a branch in Johannesburg, South Africa, the first branch established by the bank on the African continent, according to its headquarters in Shanghai.

As China and South Africa have deepened cooperation in the finance, trade and tourism sectors, the branch, opening on Friday local time, aims to provide comprehensive, convenient and high-quality financial services for clients of both countries.

The new branch has brought the total number of the bank’s overseas banking institutions to 23, which cover 18 countries and regions.

By the end of September, the asset value of these overseas banking institutions had exceeded 1.3 trillion yuan (about 198 billion U.S. dollars), accounting for more than 12 percent of the bank’s total assets, according to the headquarters.