The vice president of Bank of China (BOC) said BOC was optimizing distribution and resources in foreign countries, especially in ASEAN, in a bid to help the country push forward the Belt and Road initiative. The reported sale of Nanyang Commercial Bank (NCB), a wholly owned subsidiary of BOC Hong Kong, is the first step in the bank's plan. BOC also planned to recombine and transfer its businesses and assets in ASEAN to the BOC Hong Kong, to promote the Belt and Road Initiative.
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