Governor of the CBCG meets the representative of Bank of China

06/06/2018

The Governor of the Central Bank of Montenegro, Mr Radoje Žugić, met today with the Deputy Director general at the Bank of China (the branch in Hungary), Mr Guanhan Chen.

Bank of China is a state commercial bank that has been proclaimed globally systemically important bank for six years in a row. The branch in Budapest operates as a regional center, i.e. "covers" the countries of Central and Eastern Europe and has assets of about 6.7 billion US dollars, making it one of the leading banks in Hungary.

At the meeting, the participants discussed the current cooperation between the People's Republic of China and Montenegro, the possibilities for its intensification, as well as the contribution that the Bank of China and the CBCG could provide in this respect.

Mr Chen pointed out that the Bank of China is interested in expanding its business in the region, which is also the aspiration of the People's Republic of China through the already launched initiative "One Belt, One Road", which implementation will connect the infrastructure, economies and nations of Asia, Europe and Africa using the land economic belt and the sea silk route. In that sense, Mr Chen introduced the Governor with the initiative of the Bank of China to sign a Memorandum of Understanding with the CBCG.

Emphasizing the satisfaction with the current cooperation between China and Montenegro, Governor Žugić assessed the initiative as a good opportunity to intensify the future cooperation between the two institutions, which, he said, would result in the valorization of Montenegrin resources and the intensification of economic growth.

A further communication was agreed in order to define next steps towards signing a Memorandum of Understanding between the Bank of China and the CBCG.