BOCHK has bought two banking operations from its parent organisation, completing a process announced in early November, 2017.

BOC Hong Kong Holdings, a unit of Bank of China, has completed its acquisition of the Vietnamese and Philippine businesses from its parent for about $238 million, part of the lender’s restructuring of its Asia operations. The agreement was originally announced on 7 November, 2017. 

The transfer is $152 million for the Vietnamese business and P4.40 billion pesos ($85.9 million) for the Philippine business, the bank said in its November statement – the latest statement made no reference to these amounts.  

BOC is looking to widen is presence across Southeast Asia. Earlier this year, BOC Hong Kong acquired the Indonesian and Cambodian operations from BOC.

“The (BOC HK) board is pleased to announce that all of the conditions precedent respectively set out in the Philippines Agreement and the Vietnam Agreement have been satisfied or, as appropriate, waived,” the bank said late in December.

“Upon completion, each of Bank of China Limited, Manila Branch and Bank of China - Hochiminh City Branch will become a branch owned by BOCHK, and all the assets and liabilities arising in connection with the Philippines Business and the Vietnam Business will be transferred to and assumed by BOCHK pursuant to the respective terms and conditions of the Philippines Agreement and the Vietnam Agreement,” it added.