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Bank of China set to transfer Vietnam, Philippine ops to unit in January 2018

Bank of China Ltd. is set to complete the transfer of its banking operations in Vietnam and Philippines to Bank of China (Hong Kong) Ltd. on Jan. 29, 2018.

The bank said all of the conditions precedent set out in the transfer agreements have been satisfied or, as appropriate, waived. The transfers are part of a group restructuring exercise in the ASEAN region.

Bank of China (Hong Kong) has already closed the acquisition of Bank of China's subsidiaries in Cambodia, Indonesia, Thailand and Malaysia.

Bank of China (Hong Kong) is a unit of BOC Hong Kong (Holdings) Ltd., which in turn is a unit of Bank of China.