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China Construction Bank gets approval to start Chilean branch operations

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China Construction Bank gets approval to start Chilean branch operations

Chile'sbanking regulator SBIF on May 9 gave its final approval for China Construction Bank Corp. to open a branch in Chile underthe name China Construction Bank, Agencia en Chile, SBIF said in a May 11 statementon its website.

The branch,which has initial capital of $200 million, must start operations no later than May5, 2017, SBIF said in a resolution May 9, citing articles 31 and 32 of Chile's GeneralBanking Law.

ChinaConstruction Bank Corp. began the application process in 2014 and SBIF gave itsauthorization to establisha branch in Chile in April 2015.

ChinaConstruction Bank is China's second-largest bank by assets and eighth-largest inthe world, SBIF said, adding the Chilean branch will be its first in Latin America.