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Bank of China to open branch in Czech Republic in 2015 at the latest [IntelliNews - Weekly Reports]
[October 29, 2014]

Bank of China to open branch in Czech Republic in 2015 at the latest [IntelliNews - Weekly Reports]


(IntelliNews - Weekly Reports Via Acquire Media NewsEdge) Bank of China plans to open a branch in the Czech Republic in 2015 at the latest, CTK news agency reported. The news was announced following a meeting of the Czech President Milos Zeman with bank representatives while on a visit to Beijing.



Currently Bank of China has one branch in Europe - in Budapest.

China's outbound investments are seen exceeding $500bn in the next five years, and part of that could be used for financial support to infrastructure construction and other major projects in the Czech Republic, China Daily reported citing Bank of China chairman Tian Guoli as saying at a China-Czech Business Forum in Beijing on October 26. The bank has so far engaged in a number of Czech deals. In 2013 it helped finance PPF's €2.5bn acquisition of a 65.9% stake in the country's leading telecommunications company Telefonica CR (now 02 Czech).


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