The operation of the branch was approved by the People's Bank of China and the Bank of Indonesia, the two countries' central banks. So far, the BOC has established 582 overseas branches and subsidiaries across the globe.

The BOC originally established three branches in Indonesia in 1938, but for a variety of reasons, these branches were suspended in 1964.

"The resumption of the Jakarta Branch has won full support from the Chinese and Indonesian governments," Wang said. "This move shows both sides' strong confidence in the prospect of economic and trade development, and is a further extension of our services in major countries in Asia."

The branch began trial operation on April 15 and since then has drawn wide attention from all walks of life in Indonesian society.

Established in 1912, the BOC has developed into a large international bank. Its domestic and overseas branches and subsidiaries had reached 12,671 by the end of 2002, according to its latest annual report.

"Both our domestic and overseas subsidiaries will strictly abide by local rules and regulations and strive to provide quality financial services up to international standards to our customers," Wang added.

(Xinhua News Agency May 9, 2003)