Bank of China launches in Argentina

LatAm List Bank of China has arrived in Argentina with an initial investment of $50M, after receiving authorization from the Central Bank.

The bank will focus mainly on offering its services to big clients for the moment, rather than to individuals. In that sense, the Chinese bank’s presence in Argentina does not pose a threat to ICBC (Industrial and Commercial Bank of China), since it will only be competing in the corporate sector.

The bank’s arrival was agreed on last week and looks to strengthen trade between China and Argentina. The license gives the bank a year to get authorization and start operating.

Read more on Impulso or iProfessional.

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