OREANDA-NEWS. November 14, 2013. Frankfurt Branch of Agricultural Bank of China Limited (ABC) was officially approved by German Federal Financial Supervisory Authority (BaFin).This is ABC’s third overseas institution approved this year and also its first operational institution on the European continent. It signals that ABC has kicked off its business operation on the continent.

ABC witnesses new progress of its overseas institutions in 2013.In the first half of the year, it inaugurated Dubai Branch and Tokyo Branch, further improving its network layout and operating ability in the Middle East and Northeast Asia. Up to now, ABC has set up 13 overseas institutions, including 10 operational ones, in 11 countries/regions, marking improved overseas operating level and ability. ABC has preliminarily set up a backbone system of overseas institution network covering Asia, Europe, America and Oceania.

While constantly improving their overseas service network, ABC overseas institutions are also continuously enhancing their operating ability. Committed to the philosophy of “prudent operation, steady progress, standard management and strict risk control”, they keep optimizing customer and business structures and exhibit promising momentum. By the end of June, total assets of overseas institutions reached USD46.978 billion, up 21.1% than the beginning of the year, and net profit totaled USD211 million, up 67.5% year on year, achieving rapid and healthy development.