Chinese Foreign Ministry spokesman Sun Yuxi confirmed Monday that the measures taken by the Office of the Comptroller of the Currency (OCC) and the People's Bank of China (PBOC) to punish the Bank of China's (BOC) branch in New York will be conducive to the bank's healthy development.
It is reported that the BOC New York branch was probed and punished for its misconduct by the PBOC, China's central bank, and the OCC, a division of the US Department of Treasury.
Bank of China, one of China's major state-owned commercial banks, has placed great importance to this case and carried out a series of remedy measures to stamp out irregularities and improve the internal management, Sun said, adding that its efforts have been acknowledged by both Chinese and US regulators.
As the most internationalized bank in China with impressive performance for years, the BOC has been improving its management framework in a bid to cope with challenges coming up with China's entry into the World Trade Organization (WTO), he said.
Sun said that the bank will pay attention to and strengthen its supervision and management on its home and overseas branches and continue to provide quality services to customers in line with its principle of consistent cautious management.
(Xinhua News Agency January 21, 2002)
