Chile approves Chinese bank's operations in national banking sector

SANTIAGO -- Chile's banking regulator on Wednesday gave the China Construction Bank Corporation (CCB) the go-ahead to begin operation as part of the national banking sector.

The Superintendency of Banks and Financial Institutions (SBIF) issued a statement saying that "in keeping with articles 31 and 32 of the General Bank Law, (it is) granting permission to the banking company based in Beijing to establish a branch in the country."

Chile will be home to the first Latin American branch of the CCB.

The authorization concludes the bank's licensing process in Chile, the SBIF said.

The CCB was first granted provisional authorization in July 2014, followed by permission to set up a branch, granted in April 2015, before the latest and final authorization was approved for its full operation in Brazil.