OREANDA-NEWS. August 23, 2011. With the RMB notes business recently launched in Lusaka, capital of Zambia, Bank of China becomes the first commercial bank providing such business in Africa. This new business will provide more efficient financial service and support for Chinese "going global" enterprises, facilitating China-Africa and China-Zambia economic cooperation, reported the press-centre of Bank of China.

An official from Bank of China (Zambia) Limited says, "With the RMB notes business launched, the bank will accelerate the R&D and innovation for the products, and further strengthen the cooperation with financial institutions and foreign exchange offices, aiming to become the RMB clearing bank in Africa."

Bank of China (Zambia) Limited has launched a wide range of RMB business since last year, including RMB-denominated accounts, prepaid cards, remittance, deposits and loans as well as trade finance. With these services, the bank attracts not only the Chinese enterprises in Zambia, but also those from the neighboring countries.

Established in 1997, Bank of China (Zambia) Limited is the first wholly owned subsidiary of Bank of China in Africa, and also the first Chinese financial institution in Africa. At present, there are 18 commercial banks in Zambia. Bank of China (Zambia) Limited ranks the fifth in terms of total assets by the end of 2010. With an increase of 2488% in its total assets from 2001 to 2010, ranking No. 1 among the local commercial banks, the bank is awarded as a "leading bank in growth" by the Times of Zambia.

Currently, there are over 300 Chinese enterprises investing in mining, agriculture, telecommunications, construction and other industries in Zambia. It is reported that by 2010, China contributed USD 1.13 billion of registered investment in Zambia, and up to USD 2 billion of accumulated investment. The trading volume between China and Zambia is USD 2.85 billion, ranking the third among the countries in southern Africa.