Bank of China has unveiled plans to open a new branch in the Czech Republic by the end of this year.

The bank’s preparatory committee head Wenbo Hou said that the Czech branch will focus on the financing of both large companies as well as small and medium-sized companies.

It will offer a broad range of cross-border services to these companies such as business recommendations, financial support, prevention of risks and consulting, among others.

The new branch will be based at shopping mall Florentinum, initially operating with 15 to 20 employees.

The Chinese state-owned lender already has branches in Poland and Hungary.

"Because CEE (central and east European) countries have big economic potential… we will invest more in these countries," Hou was quoted as saying by Reuters.

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