Bank of China expands Singapore footprint with new outlets, more ATMs (Amended)

THE Bank of China (BOC) is expanding its presence here, with more branches, more ATMs and a freshly inked deal with the local bourse to roll out more yuan-denominated products.

BOC said in a statement on Friday that its Singapore unit has set up a new branch in Jurong East and another in Woodlands, bringing the total number of branches to eight.

It has 10 stand-alone ATMs in Singapore, in locations such as Resorts World Sentosa, Marina Bay Sands, Changi Airport, Ngee Ann City and VivoCity.

The bank added in a joint statement with the Singapore Exchange on Friday that the two had signed an agreement to work together to strengthen the renminbi infrastructure in both markets.

This includes rolling out products such as yuan-denominated commodities and derivatives contracts, according to the joint statement.

BOC is the SGX's first Chinese settlement bank for its derivatives market.

The bank said that its Singapore division's total assets had reached S$38.3 billion by the end of 2014, 30 per cent more than the previous year.

An earlier version of this story stated that the bank has 18 ATMs islandwide, based on information provided by a Bank of China spokesman. It actually has 10.