BELGRADE, Nov. 18 (Xinhua) -- National Bank of Serbia (NBS) on Friday "gave a preliminary approval for the establishment of Bank of China in Serbia," said a press release published Friday by NBS, adding the branch will serve as the regional hub for the Balkans region.
The meeting of the executive board of the NBS was held here after its governor Jorgovanka Tabakovic attended a meeting between representatives of the Bank of China, Serbian Prime Minister Aleksandar Vucic and China's ambassador to Serbia Li Manchang.
According to the press release, first phase of the procedure of the establishment of the Bank of China in Belgrade has been completed by the adoption of the preliminary approval at the meeting of the executive board of the NBS, presided Friday by Tabakovic.
The press release further explained that the Bank of China needs to complete the administrative procedure in order to start doing business in Serbia.
"In the second phase of the procedure, the National Bank of Serbia will issue a working license to this bank based on request that the founder must submit within 60 days after getting the (today's) approval," said the press release.
The Bank of China is among top five in the world when it comes to value of market transactions.
