In a move to take more advantage of Singapore's strength as a financial hub, another banking giant from China has expanded its presence in the Lion City.
The China Construction Bank (CCB) opened on Tuesday an infrastructure financing services centre and a private banking facility yesterday that will operate alongside its local branch.
CCB International, the bank's investment services subsidiary, also opened a Singapore company the same day after obtaining a licence for fund management and securities trading, according to a press release.
Second Largest Bank
The openings stemmed from a memorandum of understanding last year between CCB and International Enterprise (IE) Singapore, as Singapore's local newspaper «The Straits Times» reported on Wednesday.
CCB is China's second largest bank with 21 trillion yuan (S$4.2 trillion) worth of assets. Its move follows the April 12 official opening of Shanghai Pudong Development Bank's branch in Singapore, its first overseas outlet.
One Belt One Road
Both banks declared that Singapore is an important hub to serve China's outbound capital and companies under the country's One Belt One Road initiative.
