Bank of China seeks to open its first Chilean branch
SANTIAGO, July 7 (Reuters) - Chile's bank regulator said on Thursday that Bank of China has applied for authorization to open a branch in the country, which would make it the second Chinese-owned bank with a presence in the South American nation.
"The proposal presented...is under study, in accordance with the requirements and deadlines laid out in the General Bank Law," the regulator said in a note on its website.
Bank of China operates in 41 countries and is China's fourth-biggest lender by assets.
In May, China Construction Bank was given the go-ahead to begin operations in Chile, making it the first clearing bank for the yuan in Latin America at a time when China is looking to increase the use of its currency in the region.
The Chilean domestic banking market is currently led by Banco Santander-Chile and Banco de Chile. (Reporting by Felipe Iturrieta; Writing by Gram Slattery; Editing by Leslie Adler)
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