Bank of China to start with work in Serbia at the beginning of 2017. - The Chinese will finance local companies

Chinese state bank Bank of China is establishing a bank in Serbia, which will start functioning at the beginning of next year. This bank, which is the fifth largest bank in the world will finance Chinese and Serbian companies which will work jointly on third markets.

As reported by Novosti, the founder of the new bank in the territory of Serbia Bank of China (Hungary) Ltd on 19 October, through its legal representatives, submitted a request to the National Bank of Serbia (NBS) for preliminary approval for the establishment of a bank in Serbia.

The NBS said that according to the founder’s plans, all procedures and registration should be completed by the end of this year, so that the bank could start operating in early 2017.

The newspaper said that for now it is not known whether the Bank of China will immediately work with citizens, but it is certain that it will credit both domestic and foreign companies.