BOCHK acquires Laos branchBusiness | Samantha Wong 5 Dec 2018
Bank of China (Hong Kong) (2388) is to acquire a branch in Laos from its parent Bank of China (3988) for approximately 561 million yuan (HK$640 million).
The proposed branch transfer in Vientiane, the capital of Laos, is part of a restructuring exercise of the group in the Asean region, BOCHK said.
BOC's Vientiane branch was incorporated in Laos on February 26, 2015, with a registered capital and paid-up capital of LAK405 billion (HK$369 million).
The audited net asset value of BOC Vientiane Branch as at December 31, 2017, was LAK432.46 billion.
The branch currently operates as a fully licensed commercial bank, which offers a wide range of commercial banking products and services, including deposit-taking, lending, foreign exchange, factoring and trade financing.
The company described the transfer as a step towards the expansion of BOCHK's presence in the Asean region, amid the fast-growing Asean markets, and opportunities presented by strengthening economic integration between China, Hong Kong and Asean states.