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U.S.companies in Brunei expect more cooperation with Chinese financial institutions: ambassador

Xinhua, December 23, 2016 Adjust font size:

U.S. companies in Brunei are looking forward to having more cooperation with Chinese financial institutions like Bank of China Brunei Branch, the U.S. ambassador here told Xinhua on Friday.

According to the ambassador Craig Allen, the opening of the Bank of China Brunei Branch is a very important milestone in a number of different ways.

"Firstly for the Brunei economy, it's good to have new foreign direct investment here. To have more banks, more competition and more capital coming into the market is of course a good thing", Craig Allen said after visiting Bank of China Brunei Branch.

"So this is a very positive development and I want to congratulate the Bank of China for making this investment."

Bank of China (Hong Kong) opened its first branch in Brunei on Tuesday, marking it the first Chinese financial institution here in the sultanate.

The ambassador said that he approached Bank of China Brunei Branch to discuss potential business opportunities and cooperations with the Chinese bank.

"We do have lots of American companies and lots of investment here. And so we need banking services and it's excellent that we have another supplier of banking services, another world-class financial company in Brunei."

"I think it's very possible that American companies can work with the Bank of China to do their business here in Brunei or maybe regionally", the ambassador stated, "Bank of China can certainly offer American companies trade finance business, for example."

So I was very happy to learn about Bank of China's services and the opportunities for American companies to use its services in Brunei", he added. Endit