The Asian banking group has made what it says is the first foray into Brunei of a China bank.

Bank of China (Hong Kong) has marked its official opening in Brunei, becoming the first Chinese financial institution to set up in the jurisdiction, it says.

Including the BOCHK Brunei Branch, Bank of China’s overseas offices, branches and subsidiaries now cover 49 countries and regions across six continents. The bank's move into the jurisdiction is part of a plan to widen coverage to all of the 10 ASEAN countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmark, Philippines, Singapore, Thailand and Vietnam).

The grand opening ceremony of the branch was held in the Empire Hotel & Country Club in Brunei. 

Pehin Abu Bakar, minister of home affairs of Brunei, said: “In line with Brunei’s Vision 2035 and China’s Belt and Road Initiative, there are many areas of cooperation and common goals between the two countries. Today marks the start of the first Chinese financial institution in Brunei.”