OREANDA-NEWS. July 04, 2012. The Vancouver Representative Office of Agricultural Bank of China Limited (ABC) officially opened for business, marking yet another milestone in ABC's overseas business expansion. The Grand Opening of the Vancouver Representative Office -- ABC's second in the Americas is expected to provide important support to ABC's continuing creation of its financial services network in North America, reported the press-centre of ABC. 

In recent years, the rapid development of Sino-Canadian bilateral trade and investment has created favorable conditions for bilateral financial cooperation. ABC actively provides high-quality, efficient and integrated financial services for Sino-Canadian economic trade and economic cooperation. Currently, ABC has correspondent banking relationship with 11 Canadian banks with on-going cross-servicing operations in international settlement, treasury transactions, and other trade and investment services. ABC's huge customer base and its Canadian correspondent bank network have laid a solid foundation for the establishment of the Vancouver Representative Office.

Previously, Jiang Chaoliang, Chairman of ABC had expressed that ABC's overseas business development, while based on domestic banking principles would steadily progress in accordance with general principles of "international integration, rational layout, sound management and controllable risks." However , he also underscored that ABC's coordination of its domestic and overseas banking business should continuously improve. The Vancouver Representative Office will further reinforce ABC's business exchanges and cooperation with local financial institutions, and continue to enhance the ability to provide Sino-Canadian trade customers with comprehensive services. It will also boost Sino-Canadian economic and trade development, and accumulate customer resources and business experience for ABC to expand operating offices in Canada in the future.

ABC's strategy includes closely tracking the internationalization of the RMB, the needs of corporate customers and their financial assets, serving the national strategy of going global, and constantly improving its overseas network layout. To date, ABC has opened 11 overseas branches and institutions in 9 countries and regions, and has established correspondent banking relations with 1,365 banks in 111 countries and regions. ABC's globalized financial services network has steadily established itself and matured, covering major international financial centers and trade regions. ABC's capacity in international and integrated operations continues to deepen and broaden.