(Ecofin Agency) - The Central Bank of Mauritius announced on March 18 it has awarded a banking licence to Bank of China. The Chinese bank thus boosts its presence in Africa as it plans to better serve local companies and multinationals.

“Bank of China wants to provide financial services to African firms and multinationals operating on the continent,” said Zhang Xiaoqing who leads the team in charge of establishing the Mauritian subsidiary of world’s fourth private equity bank.

Bank of Mauritius’ Governor, Ramesh Basant, said the subsidiary should start operations in the coming months.

Mauritius, with its flourishing financial industry, is a hub for African firms.

In Africa, Bank of China has more than 600 branches in 40 countries. On March 14, it commissioned a Moroccan subsidiary which is to support the development of Chinese companies in Africa.