WHOLESALE BANKING | Cesar Tordesillas, China

Bank of China eyes cheap overseas acquisitions

Acquisition of cheap financial assets overseas.

This will be accomplished by the Bank of China by taking advantage of current low valuations.

According to BOC president, Li Lihui, they will not rule out opportunities to buy financial assets in Europe or the United States as these assets have low valuation due to the global financial crisis weighing heavily on them.

BOC also plans to set up more branches in Asia, central and eastern Europe as well as South America to assist Chinese enterprises in "going out" under a national strategy to establish overseas corporations and acquire overseas assets.

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