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Bank of China applies for Chilean banking license

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Bank of China applies for Chilean banking license

Chile'sbanking regulator SBIF is currently considering an application by to open a branch inthe country, the regulator said in a statement July 7.

The applicationwas presented June 29 by Yang Sen, who will head the bank's local operation, theSBIF said.

Chileis not the first country in Latin America where the Chinese bank will start operations.In June, Mexican banking regulator CNBV authorizedBank of China México to start its operations in the country.

Bankof China's Mexican unit will focus on meeting the financial need of Chinese firmsin Mexico and their suppliers, as well as Mexican firms doing business in China.

Bankof China is the world's fourth-largest bank by assets, CNBV noted at the time.