Chilean banking regulator SBIF on March 12 granted a final authorization to Bank of China Ltd. to establish a branch in the country, noting that the bank has now completed all three stages of approval.
According to a statement from the regulator, the Chinese bank can now go ahead with its request to establish a branch in the country with capital amounting to $60.0 million. The entity will be called "Bank of China Agencia en Chile."
The decision ends a licensing process for the Chinese bank that started in June 2016. It had previously been granted so-called provisional and installation authorizations for the branch.
