Chinese state bank establishing a bank in Serbia

Chinese state bank Bank of China is establishing a bank in Serbia, which will start functioning as early as January 20.

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 October 19th, 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.

National Bank of Serbia gave preliminary approval today for the establishment of Chinese bank in our country, which will operate under the name “Bank of China Serbia a.d. Beograd”.

By giving preliminary approval, the first phase of the procedure for the establishment of this bank was completed.

In the second phase of the procedure, the NBS will issue to the bank the  licence to operate, at the request of the founder, who is obliged to submit the request within 60 days, from the date of obtaining the initial approval.

The founder of the bank in Serbia will be Bank of China Hungary Close Ltd. from Hungary, whose owner is the Bank of China Ltd from China.

The subsidiary of bank of China in Serbia will be central bank for Balkan and Eastern and Western Europe.