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Serbia’s central bank approves opening of Bank of China branch

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Serbia’s central bank has given preliminary approval for Bank of China Ltd to open a branch in the Balkan country, the first time a major Chinese bank will have done so.

“As it is planned, the bank in Serbia will be the central office for the Balkans, Eastern and Western Europe,” the central bank said in a statement on Friday.

China is strengthening its economic presence in Serbia with more than 20 finance and infrastructure deals, including currency swaps, renewable energy, highway construction.

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China is also boosting its economic presence in the wider Balkans with its One Belt, One Road initiative, intended to open new trade links for Chinese firms as the domestic economy slows.

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