Mexico City, Mexico — The National Banking and Securities Commission of Mexico said that it has authorized the start of operations of the Bank of China subsidiary.
The bank, the oldest in the Asian country and one of the largest in the world, provides services in China, Hong Kong, Taiwan and 52 other countries around the world.
It will be the second Chinese bank to operate in Mexico and will focus on corporate finance, a sector in which it will provide an offer of products and services to cover the financial needs of Chinese companies and their suppliers that are based in Mexico.
Companies such as China National Offshore Oil Corporation, which won the right to exploit hydrocarbon blocks in deep waters of Mexico in 2016, have increased their investments in the country while local firms such as breadmaker Bimbo, have expanded to China.
The company’s initial capital is 875 million peso, approximately $43.8 million USD, an amount higher than the minimum required. Its corporate office is located in Mexico City.