WINDHOEK - Bank of China opened its Luanda branch in the capital city of Angola on Monday.

The branch, the first Chinese bank in Angola, will start banking operations on June 6.

Chen Siqing, president of Bank of China, as well as some 300 representatives from the Chinese and Angola political, business and financial circle attended the ceremony.

The Bank of China Luanda branch will mainly focus on company businesses and will expand deposit, loan, remittance, international settlement, trade financing, financial markets and other services. It will also actively carry out Angola cross-border financing business to enterprises and customers.

Chen said the two countries have the common aspiration for development and a solid foundation for win-win cooperation. In 2016, bilateral trade volume reached $15.6 billion between China and Angola.

"The establishment of the Luanda branch will effectively promote bilateral economic and trade exchanges, and effectively promote bilateral cooperation agreement. When the Luanda branch of the Bank of China is established, it will focus on undertaking social responsibility and give full play to group strategy, cross-border service advantages and to provide information consultation for bilateral business matchmaking, business promotion, customer support and risk prevention package service." Chen said.

Meanwhile, the bank will actively serve Chinese enterprises to invest in Angola, support Angola enterprises to develop the Chinese market and put efforts to play a role of bridge for the strategic cooperation.