January 7, 2020 / 12:28 PM / a month ago

Saudi Arabia grants license to Bank of China to open branch in kingdom - state news agency

A man is silhouetted in front of a Bank of China's logo at its branch office in Beijing July 14, 2014. REUTERS/Kim Kyung-Hoon/Files

DUBAI (Reuters) - Saudi Arabia’s cabinet has approved Bank of China’s (601988.SS) license to open a branch in the kingdom, state news agency SPA said in a tweet on Tuesday.

Bank of China joins a growing band of Chinese firms expanding in the kingdom. Nearly four years ago Industrial and Commercial Bank of China (601398.SS), the world’s biggest bank by assets, launched its first branch in Riyadh.

Beijing maintains close ties with Saudi Arabia, which is China’s top oil supplier.

Reporting by Hadeel Al Sayegh; Editing by Saeed Azhar

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